/raid1/www/Hosts/bankrupt/TCREUR_Public/110809.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, August 9, 2011, Vol. 12, No. 156
Headlines
D E N M A R K
* DENMARK: Banking Sector Needs to Consolidate in Coming Years
G E R M A N Y
FRESENIUS MEDICAL: Moody's 'Ba1' Rating Unaffected by Acquisitions
FRESENIUS SE: Fitch Upgrades LT Issuer Default Rating to 'BB+'
GATE SME CLO: Fitch Affirms Rating on Class E Notes at 'CCCsf'
TITAN EUROPE: S&P Affirms Ratings on Three Classes of Notes at 'D'
H U N G A R Y
* HUNGARY: Mandatory Company Liquidations Up 16.5% in July 2011
I R E L A N D
AQUILAE CLO: Moody's Upgrades Rating on Class E Notes to 'Ba3'
EIRCOM GROUP: Denies Reports on Examinership Plan
HOME PAYMENTS: Enters Liquidation; Savers May Lose Savings
MYGUIDEIRELAND: Appointment of Liquidator Expected Within Days
PULS CDO 2006-1: S&P Lowers Ratings on Three Note Classes to 'CC'
RMF EURO: Moody's Upgrades Rating on Class V Notes to 'Ba3'
SUPERQUINN: Suppliers Still at Risk Despite Insurance Payouts
I T A L Y
* ITALY: To Accelerate Austerity Plan
K A Z A K H S T A N
* MANGISTAU: Fitch Affirms Long-Term Currency Ratings at 'BB+'
L U X E M B O U R G
ELCOTEQ SE: To Seek Other Investors; Talks with Platinum Stalls
N E T H E R L A N D S
DECO 14: S&P Affirms Rating on Class G Notes at 'D'
E-MAC: Moody's Lowers Ratings on Two Classes of Notes to 'C'
INDIGOLD CARBON: Moody's Corrects Corporate Rating to 'Ba3'
JUBILEE CDO: S&P Withdraws 'CCC-' Ratings on Two Classes of Notes
R U S S I A
ZHEMCHUZHINA SOCHI: Drops Out of National League
FREIGHT ONE: Fitch Maintains Negative Watch on Ratings
* RUSSIA: Fitch Affirms Individual Ratings on Four Banks at 'D/E'
S P A I N
AYT CAIXANOVA: Moody's Assigns '(P)B3' Rating to Series C Notes
CABLEUROPA S.A.U.: Moody's Upgrades 'B2' CFR; Outlook Stable
CAIXA PENEDES: Fitch Affirms Rating on Class C Notes at 'CCCsf'
CM BANCAJA 1: Fitch Affirms Rating on Class E Notes at 'CCsf'
EMPRESAS 1: Fitch Affirms Rating on Series E Notes at 'Bsf'
EMPRESAS 2: Fitch Affirms Rating on Series D Notes at 'Bsf'
FONCAIXA FTPYME 1: Fitch Affirms Rating on Class C Notes at 'BBsf'
FTPYME BANCAJA: Fitch Affirms Ratings on Class D Notes at 'CCCsf'
FTPYME SABADELL: Fitch Affirms 'BBsf' Rating on Class 3SA Notes
RURALPYME 2: Fitch Affirms Rating on Class D Notes at 'CCsf'
TDA CAM 5: Fitch Affirms Rating on Class D Notes at 'Csf'
S W E D E N
SAAB AUTOMOBILE: Pays Workers' Delayed Salary; Averts Bankruptcy
U N I T E D K I N G D O M
CHOICES CARE: Goes Into Administration, Seeks Buyer for Business
COLT GROUP: Moody's Affirms 'Ba3' CFR; Outlook Changed to Stable
DECO 8: Fitch Affirms Rating on Class G Notes at 'Dsf'
FREE TRADE HALL: Owner Goes Into Administration
GEKO DIRECT: Owes GBP2.6 Million to More than 800 Creditors
LLOYDS BANKING: Shares Plunge to Less Than Half of Bailout Price
MILLAR SAVOURY: Set to Go Into Liquidation as No Buyer Emerges
WF ALDRIDGE: Owes GBP2 Million When it Went Into Administration
* UK: Pub Closures Down; Food Crucial to Future
* UK: Corporate Liquidations Up 2.7% in Second Qtr in 2011
X X X X X X X X
* FITCH: Mixed Feelings About H211 from European Automaker
* S&P Cuts Ratings on Two European Synthetic CDO Tranches to 'D'
* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
* 15 Companies in S&P List of Defaulters in Second Quarter
* Large Companies with Insolvent Balance Sheets
*********
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D E N M A R K
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* DENMARK: Banking Sector Needs to Consolidate in Coming Years
--------------------------------------------------------------
Flemming Emil Hansen at The Wall Street Journal reports that
Danish Finance Minister Claus Hjort Frederiksen said Denmark's
banking sector needs to consolidate in coming years to better
withstand tougher international market conditions.
"A structural adjustment needs to take place in the Danish banking
sector, we have many small banks," the Journal quotes
Mr. Frederiksen as saying.
The country's banking sector is highly fragmented, counting more
than 100 banks -- many of which are tiny, local lenders -- serving
a population of just 5.6 million, the Journal notes. According to
the Journal, analysts say that since the global financial crisis
hit in 2008, 11 Danish banks have collapsed, including two this
year.
In a recent report, Standard & Poor's estimated that 15 small
Danish lenders will collapse in the next three years, the Journal
points out.
The ratings company highlighted large credit exposures to the
ailing Danish real-estate and farming sectors, as well as some
Danish banks' reliance on state-guaranteed funding, as predominant
risks, the Journal discloses.
Nevertheless, Mr. Frederiksen dismissed fears that the planned
withdrawal of state-guaranteed funding in 2013 will lead to a
scarcity of funds, the Journal states.
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G E R M A N Y
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FRESENIUS MEDICAL: Moody's 'Ba1' Rating Unaffected by Acquisitions
------------------------------------------------------------------
Moody's Investors Service commented that the Ba1 Corporate Family
Rating of Fresenius Medical Care AG & Co. KGaA remains unchanged
following the announced US$2.1 billion acquisitions of American
Access Care and Liberty Dialysis Holdings, Inc., which remain
subject to regulatory approvals and are expected to close in Q4
2011 (American Access, US$385 million purchase price) and Q1 2012
(Liberty, US$1.7 billion purchase price). While the announced
acquisitions are strategically sound and fit nicely into the
company's stated strategy of complementing organic growth and
extending its market share and geographic coverage in the US,
Moody's notes that the combined effect of these transactions will
lead to an uptick in leverage ratios which are expected to remain
at the limit defined for the current Ba1 rating for the next 12 to
18 months at least. Following these transactions, FMC will be
operating under a very tight frame rating-wise. Moody's will not
only focus on the company's commitment and ability to manage its
leverage to remain below the stated 3.0x debt/EBITDA (equaling c.
3.5x adjusted debt/EBITDA as per Moody's definition) but also on
its ability to put in place funding for these transactions in the
short term to ensure an adequate liquidity profile going forward.
With revenues of US$1.0 billion, Liberty is the third largest
player in the US dialysis clinics market. The acquisition of
Liberty, in which FMC already invested US$300 million previously,
will allow the company not only to increase its markets share but
also to complement its geographic network throughout the US. In
addition to Liberty, the acquisition of American Access improves
FMC position in the field of vascular access centers and will add
estimated revenues of US$175 million. However, these transactions
also increase dependency on the US market, where budgetary
pressures and potential changes to healthcare regulation may
impact the business going forward.
Moody's understands that FMC plans to fund the acquisitions with
its free cash flow as well as proceeds from bond issuances planned
for September 2011 and Q1 2012. While Moody's takes comfort from
the stability of FMC's business and the high cash flow generation
visibility, Moody's notes that FMC's liquidity profile is
currently stretched with the company being reliant on the
availability of external funding to finance these transactions as
well as upcoming debt maturities of approximately US$500 million
(due until end of June 2012). In order to improve its liquidity
profile, Moody's assumes that FMC will follow its publicly stated
strategy to access the market and ensure funding for at least the
pending 2011 acquisition within the next few weeks. As liquidity
is an important consideration in FMC's rating, failure to ensure
adequate funding could put negative pressure on the rating. In
this context, Moody's also notes that the company's headroom under
the financial covenants inherent to its US$1.2billon revolving
credit facility will diminish as a result of the acquisitions
leaving limited room to maneuver. Moody's assumes that FMC will
continue to manage prudently its leverage and will take action --
if necessary -- to avoid any potential pressures. While Moody's
takes comfort from the company's track record of deleveraging
following acquisition-driven peaks in leverage as well as from the
successful integration track record and the stability of its
business, Moody's notes that there is currently no major headroom
left under the Ba1 rating.
FMC is the world's leading provider of dialysis products and
dialysis services, with 2010 revenues of US$12 billion. The
company is a vertically integrated player with operations as a
dialysis service provider, a dialysis product manufacturer for its
own dialysis clinics and a supplier of dialysis products to
external dialysis service providers. FMC is controlled by
Fresenius SE (rated Ba1, stable), which owns 35.5% of the company
but controls 100% of the general partner of FMC, given FMC's legal
status as a Kommanditgesellschaft auf Aktien (KGaA; partnership
limited by shares).
FMC's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the group's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside FMC's core industry and
believes FMC's ratings are comparable to those of other issuers
with similar credit risk. Other methodologies used include Loss
Given Default for Speculative Grade Issuers in the US, Canada, and
EMEA, published June 2009.
FRESENIUS SE: Fitch Upgrades LT Issuer Default Rating to 'BB+'
--------------------------------------------------------------
Fitch Ratings has upgraded Germany-based healthcare group
Fresenius SE & Co KGaA's (FSE) and Fresenius Medical Care AG & Co.
KGaA's (FMC) Long-term Issuer Default Ratings (IDR) to 'BB+' from
'BB'. The Outlook is Stable.
The upgrade reflects Fitch's expectation that FSE will operate
within the leverage range of 2.5x-3x on a consolidated basis over
the medium term. This will be supported by the increased
flexibility to raise equity funding for future acquisitions,
following the change in FSE's legal form to KGaA (partnership
limited by shares).
"Given the commitment to remain in the net debt/EBITDA range of
2.5x-3x, which corresponds to an estimated lease-adjusted net
debt/EBITDAR of 3.3x-3.7x and some financial flexibility provided,
the consolidated FSE and FMC are now comfortably placed at 'BB+',"
says Britta Holt, a Director in Fitch's Corporates team. The
announced acquisitions by FMC are not going to lead to ratios
outside the targeted leverage territory,' adds Holt.
The acquisitions are in line with FMC's strategy to boost its
operations via external growth as well as organically. Execution
risk is considered as limited given FMC's track record in
integration.
Net debt/EBITDA stood at 2.7x at end-H111 (YE10: 2.6x), down from
its peak of 3.7x in 2008 following the mostly debt-funded USD4.6bn
acquisition of US generic I.V. drugs maker APP (which closed in
September 2008).
The ratings are supported by FMC's number one global position in
the non-cyclical and steadily growing dialysis products and
services industry, where cash flows are relatively predictable.
Due to its vertical integration, FMC benefits from cost advantages
over its peers, and can build on its reputation for providing
technologically advanced products and high-quality services. The
ratings are also supported by Fresenius Kabi's solid market
positioning and profitability as the European leader in infusion
and clinical nutrition therapy and its number two market
positioning in the US generic IV drugs market.
Negative rating factors for both companies include the over-
reliance on dialysis (accounting for 59% of FSE's 2010
consolidated EBITDA, albeit down from 71% in 2005 and 100% of
FMC's consolidated EBITDA), as well as the resulting significant
reliance on the reimbursement policies of governments and private
insurers and the possibility of technological advances, leading to
lower demand for dialysis.
H111 was again a strong first half of the year for FSE with
consolidated sales up 6% yoy and EBIT up 11% yoy at constant
exchange rates, resulting in an increase in EBIT margin to 15.1%
in H1 2011 (H1 2010: 14.6%).
On a stand-alone basis, FMC is slightly larger and more cash
generative than the rest of the group (EBITDA margin of 20%
compared to FSE's deconsolidated 18%) and in 2010 displayed
similar credit protection measures. However, these are improving
for FSE over time. Both companies now have the same net
debt/EBITDA mid-term targets of 2.5x-3.0x.
The senior unsecured debt rating of 'BB+' for the debt-issuing
entities of FSE and FMC reflects Fitch's view of average recovery
prospects on default.
FSE:
-- Long-term IDR upgraded to 'BB+' from 'BB'; Outlook Stable
-- Short-term IDR affirmed at 'B'
-- Senior unsecured debt upgraded to 'BB+' from 'BB'
-- Senior secured debt upgraded to 'BBB' from 'BBB-'
Fresenius Finance B.V.:
-- Guaranteed senior notes upgraded to 'BB+' from 'BB'
Fresenius US Finance II. Inc.:
-- Senior unsecured notes upgraded to 'BB+' from BB'
FMC:
-- Long-term IDR upgraded to 'BB+' from 'BB'; Outlook Stable
-- Short-term IDR affirmed at 'B'
-- Senior unsecured debt upgraded to 'BB+' from 'BB'
-- Senior secured debt upgraded to 'BBB' from 'BBB-'
GATE SME CLO: Fitch Affirms Rating on Class E Notes at 'CCCsf'
--------------------------------------------------------------
Fitch Ratings has affirmed GATE SME CLO 2006-1 Ltd's (GATE) and
CART 1 Ltd's (CART) notes:
GATE:
-- EUR42m class A notes (ISIN: XS0271959388): affirmed at
'BBB-sf'; Negative Outlook
-- EUR26.5m class B notes (ISIN: XS0271960048): affirmed at
'B+sf'; Negative Outlook
-- EUR7.5m class C notes (ISIN: XS0271960550): affirmed at
'B+sf'; Negative Outlook
-- EUR20m class D notes (ISIN: XS0271961012): affirmed at
'CCCsf'; assigned Recovery Rating (RR) of 'RR1'
-- EUR15.5m class E notes (ISIN: XS0271961103): affirmed at
'CCCsf'; assigned 'RR3'
CART:
-- EUR17m class A+ notes (ISIN: XS0306449488): affirmed at
'BBBsf'; Negative Outlook
-- EUR8.5m class A notes (ISIN: XS0295190721): affirmed at
'BBBsf'; Negative Outlook
-- EUR51m class B secured notes (ISIN: XS0295192263): affirmed
at 'Bsf'; Negative Outlook
-- EUR17m class C secured notes (ISIN: XS0295192420): affirmed
at 'Bsf'; Negative Outlook
-- EUR38.25m class D secured notes (ISIN: XS0295192776):
affirmed at 'CCCsf'; assigned 'RR1'
-- EUR48.45m class E secured notes (ISIN: XS0295193311):
affirmed at 'CCsf'; assigned 'RR4'
The transactions are partially-funded synthetic collateralized
debt obligations (CDO) referencing portfolios of loans, revolving
credit facilities and other payment claims to SMEs and larger
companies based predominantly in Germany. The debt instruments
were originated by Deutsche Bank AG (DB, rated 'AA-
'/Negative/'F1+'), which is also the credit default swap (CDS)
counterparty. GATE's reference portfolio may be replenished until
January 2015; CART's replenishment period is until June 2014.
Replenishments in both transactions are restricted by several
replenishment criteria which include single obligor, weighted-
average life and pool quality limits.
The affirmation of the ratings reflects the stable performance of
both transactions since the last rating action in December 2009
for CART and January 2010 for GATE. In both transactions, realized
losses have been absorbed by the non-rated junior class F notes,
hence no losses have been written against the rated notes. Current
defaults and the lowest-rated bucket (assets rated 'CCC' or below)
have remained largely unchanged. As the transactions are still
replenishing, the pool composition for both of them has remained
largely unchanged compared to the last rating action.
The Negative Outlook reflects the low credit protection available
to the rated notes, which is by means of subordination. There is
no synthetic excess spread available to the transactions; hence
losses are allocated directly to the notes, starting with the most
junior class F note, which is not rated. Although the realized
losses have been absorbed by the non-rated class F notes so far,
the credit protection for the rated notes has decreased since the
last rating action. As long as the transactions are replenishing,
the notes will not be able to build up additional credit
enhancement.
For both transactions, Fitch received pool tapes as of June 30,
2011. In order to analyze the quality of the portfolios, the
agency used its Portfolio Credit Model (PCM), which derives
rating-dependent default and recovery rates. In Fitch's view, the
current credit enhancement of the rated notes is sufficient to
absorb the expected losses in both transactions.
Fitch assigned RRs to all the notes rated 'CCCsf' or below. RRs
are issued on a scale of 'RR1' (highest) to 'RR6' (lowest) to
denote the range of recovery prospects of notes rated at or below
'CCCsf'.
Fitch has assigned an Issuer Report Grade (IRG) of two stars
("basic") to the transaction's publicly available reports. The
reporting is accurate and timely. While it contains various
stratifications regarding industries and obligors, the reporting
frequency is quarterly rather than monthly, thus preventing a
higher grade.
TITAN EUROPE: S&P Affirms Ratings on Three Classes of Notes at 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Titan Europe 2006-5 PLC's class A2, A3, B, and C notes. "At the
same time, we affirmed our ratings on all other classes of notes,"
S&P said.
"The rating actions follow our review of the underlying assets and
the transaction performance. There are currently seven loans in
the pool, all of which comprise German commercial real estate
assets. Of these seven loans, two are performing below our
expectations -- the DIVA loan and the Quartier 206 loan," S&P
related.
Six of the seven loans mature in 2016 and the legal final maturity
date of the notes is in 2019.
Since closing, S&P has lowered its ratings on all classes of notes
for various reasons:
On the class A1 and A2 notes, to reflect its 2010 counterparty
criteria ('Counterparty And Supporting Obligations Methodology
And Assumptions,' Dec. 6, 2010);
On the class A3 to F notes, due to increased loss expectations
given the refinance risk of some of the loans; and
On the class D, E, and F notes (to 'D (sf)'), because of
interest shortfalls.
Given the loan defaults and note interest shortfalls, the
sequential payment trigger has been breached and all repayments
from the loans will now be applied sequentially to the notes. This
is because more than 13.5% of the loans by balance are in default,
one loan accounting for more than 10% of the pool by balance is in
default, and an interest shortfall occurred on the notes
that was not covered by the available funds cap.
The DIVA Loan
This 10-year loan is the largest loan in the pool (39.2% of the
pool by balance) and was scheduled to mature in July 2016. The
loan defaulted in 2008 following insolvency of the borrowers and
the sponsor. Because the insolvency administrator releases funds
from the rental accounts on an irregular basis, the issuer is
drawing on the liquidity facility to cover short-term shortfalls.
The loan security consists of 14 clusters of multifamily assets in
Eastern Germany (46% in Berlin [by property value], 15% in
Dresden, 10% in Halle/Saale, and 9% in Leipzig). On Day 1, there
were 473,000 sq. m. of lettable area and 7,944 rental units (plus
parking).
As per the most recent servicer report, annual gross rent is
reported to be EUR23.7 million and the vacancy rate is 10.2%.
Following the loan default, updated information has been limited
to the occupancy rate and gross rents. "In our analysis, we have
estimated net operating income (NOI) using the in-place rental
levels, and have deducted market-average non-recoverable expenses.
Our adjusted NOI is slightly below the Day 1 amount," S&P related.
"We note that there were no recent sales of property portfolios of
this size in the German market and there is no market evidence for
capitalization rates. Nevertheless, we believe that the workout of
the loan (and the associated workout costs together with the
accrued interest) will likely lead to principal losses on the
senior loan, which could affect the class D, E, and F notes (all
already rated 'D (sf)'). If these losses occur, it would erode the
credit enhancement available to the higher-rated classes, which is
one driver of the rating actions," S&P said.
"The special servicer has informed us that the property portfolio
is being marketed both in parts and as a whole portfolio. Binding
bids from interested investors were expected by May 5, 2011, but
there has been no update as to the level of the bids. We expect
the workout process to be concluded within the next 6-12 months,"
S&P related.
The Quartier 206 Loan
The Quartier 206 loan defaulted in April 2010 because debt service
was not made in full. This followed the insolvency of a major
tenant, an entity related to the loan sponsor. The loan was
transferred to special servicing in April 2010.
The loan is secured by a prime office and retail property in
central Berlin. The property forms part of the famous
"Friedrichstadtpassagen", together with two other buildings which
are not part of the security. "Quartier 206" is located in
Friedrichstrasse, which is one of the main shopping streets in
Berlin.
The asset was completed in 1996 and is well connected via subway
and S-Bahn (suburban train). There are 27,000 sq. m. of lettable
area across 12 floors.
Approximately 50% of the Day 1 total rental income is derived from
the retail shops. The tenants include Gucci, Yves Saint Laurent,
and Louis Vuitton.
"We understand that at origination, approximately 50% of the space
was occupied by tenants that are related to the loan sponsor, and
the special servicer currently receives no rent from these
tenants," S&P related.
The total quarterly income from non-sponsor-related entities is
approximately EUR1 million, but no interest payments have been
made on the loan over recent interest payment dates, and the
shortfalls have been drawn from the liquidity facility. Rental
payments received have been used to build up a reserve for future
capital expenditures.
The asset was revalued in January 2010 at EUR96.3 million, which
is 47% below the valuation when the loan was originated in 2006.
"For this type of asset, we would not typically expect a market
value decline to this extent. At this value, there would be a
principal loss to the loan in an amount of EUR18.5 million
(excluding accrued interest and enforcement costs). The maximum
value decline that the loan can withstand compared with the Day 1
value is 37% (again excluding accrued interest and costs)," S&P
related.
The special servicer has recently instructed a further valuation.
"We understand that this has not yet been finalized. We believe
that the full repayment of the senior loan remains possible if the
parties can stabilize the cash flow from the property," S&P said.
The Other Loans
None of the other loans is currently in default. The Hilite loan
has been in breach of a tenant rating trigger, as the rating on
the single tenant fell below the required threshold. Excess cash
of EUR2.26 million has been trapped in accordance with the loan
agreement (19% of the loan balance), which will mitigate the
refinance risk.
The Monzanova loan is in breach of the DSCR covenant because a
major tenant is currently in a rent-free period following a lease
extension. The servicer expects the ratio to exceed the threshold
as soon as the rent-free period expires.
Ratings List
Titan Europe 2006-5 PLC
EUR660.969 Million Commercial Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Ratings Lowered
A2 A+ (sf) AA- (sf)
A3 A- (sf) A+ (sf)
B BBB- (sf) BBB+ (sf)
C B+ (sf) BB- (sf)
Ratings Affirmed
A1 AA (sf)
D D (sf)
E D (sf)
F D (sf)
X AA (sf)
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H U N G A R Y
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* HUNGARY: Mandatory Company Liquidations Up 16.5% in July 2011
---------------------------------------------------------------
MTI-Econews, citing company information provider Opten, reports
that the number of mandatory liquidations against Hungarian
companies came to 1,993 in July, down 6.1% from June, but up 16.5%
from the same month a year earlier.
The number of mandatory liquidations in January to July reached
11,507, about 9.7% more than in the same period a year earlier,
MTI discloses.
According to MTI, the number of voluntary liquidations came to
1,763 in July, down 11.2% from June, but 23.4% more than 12 months
earlier. The number climbed 58.1% to 13,694 in January to July
from the same period a year earlier, MTI notes.
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I R E L A N D
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AQUILAE CLO: Moody's Upgrades Rating on Class E Notes to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by Aquilae CLO II p.l.c.:
Issuer: Aquilae CLO II p.l.c.
-- EUR207M Class A Floating Rate Notes, due 2023, Upgraded to
Aaa (sf); previously on Jun 22, 2011 Aa1 (sf) Placed Under
Review for Possible Upgrade
-- EUR21.6M Class B Floating Rate Notes, due 2023, Upgraded to
Aa3 (sf); previously on Jun 22, 2011 Baa1 (sf) Placed Under
Review for Possible Upgrade
-- EUR17.1M Class C Deferrable Floating Rate Notes, due 2023,
Upgraded to A3 (sf); previously on Jun 22, 2011 Ba1 (sf)
Placed Under Review for Possible Upgrade
-- EUR15.3M Class D Deferrable Floating Rate Notes, due 2023,
Upgraded to Baa3 (sf); previously on Jun 22, 2011 B1 (sf)
Placed Under Review for Possible Upgrade
-- EUR15M Class E Deferrable Floating Rate Notes, due 2023,
Upgraded to Ba3 (sf); previously on Jun 22, 2011 Caa3 (sf)
Placed Under Review for Possible Upgrade
-- EUR7M Class X Combination Notes, due 2023, Upgraded to Baa1
(sf); previously on Jun 22, 2011 Ba2 (sf) Placed Under
Review for Possible Upgrade
-- EUR8M Class Y Combination Notes, due 2023, Upgraded to A2
(sf); previously on Jun 22, 2011 Ba1 (sf) Placed Under
Review for Possible Upgrade
-- EUR1.5M Class Z Combination Notes, due 2023, Upgraded to A2
(sf); previously on Jun 22, 2011 Ba2 (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 X
and Z, 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% and 0.125% 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 Y, 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
Aquilae CLO II p.l.c., issued in November 2006, is a single
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by Henderson Global Investors Ltd. This transaction will
be in reinvestment period until January 17, 2013. 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 also reflect
consideration of an increase in the transaction's
overcollateralization ratios since the rating action in November
2009.
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 the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates.
The overcollateralization ratios of the rated notes have improved
since the rating action in November 2009. The Class A/B, Class C,
Class D and Class E overcollateralization ratios are reported at
127.85%, 118.53%, 111.27% and 104.97%, respectively, versus
October 2009 levels of 122.24%, 113.62%, 106.87% and100.99%,
respectively, and all related overcollateralization tests are
currently in compliance.
Reported WARF has increased from 2707 to 2931 between October 2009
and July 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. In addition, securities rated Caa or lower make up
approximately 10.28% of the underlying portfolio versus 12% in
October 2009 and defaulted securities decreased to zero compared
to EUR9 million in October 2009.
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 EUR 282 million,
defaulted par of zero, a weighted average default probability of
23.72% (consistent with a WARF of 3023), a weighted average
recovery rate upon default of 48.47% for a Aaa liability target
rating, and a diversity score of 37. 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 96% 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
2015 which may create challenges for issuers to refinance. CLO
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) Moody's also notes that around 57% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.
2) 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.
3) 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, and diversity score. However,
as part of the base case, Moody's considered spread level
higher than the covenant levels 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.
EIRCOM GROUP: Denies Reports on Examinership Plan
-------------------------------------------------
According to Irish Examiner, Eircom Group has denied a report that
it is planning to go into examinership after the news service
Capital Structure wrote that Eircom was "assessing the pros and
cons of an examinership."
It is understood that Eircom has debts of EUR3.75 billion, Irish
Examiner discloses.
Irish Examiner notes that Newstalk business editor Ian Guider said
that despite the company's denial of an examinership, Eircom is
struggling to meet its debts.
"They are going to breach their banking covenants and that is a
serious issue," Irish Examiner quotes Mr. Guider as saying.
Headquartered in Dublin, Ireland, Eircom Group --
http://www.eircom.ie/-- is an Irish telecommunications company,
and former state-owned incumbent. It is currently the largest
telecommunications operator in the Republic of Ireland and
operates primarily on the island of Ireland, with a point of
presence in Great Britain.
HOME PAYMENTS: Enters Liquidation; Savers May Lose Savings
----------------------------------------------------------
The Journal.ie reports that the National Consumer Agency (NCA)
fears that "potentially thousands upon thousands" of domestic
savers and people under financial duress may have seen their
savings totally wiped out by the collapse of Home Payments Ltd.
Home Payments went into liquidation on Friday having already
ceased trading earlier in the week, the Journal.ie relates.
According to the Journal.ie, liquidators Eamonn Richardson of KPMG
and Eamonn Leahy of Leahy & Co, said they would be individually
contacting customers over the coming days in order to "assess and
reconcile any funds owed to them."
It is unclear how many customers are affected, but it is thought
that the number could be in the high thousands given that the
company had been trading for just short of 50 years, according to
the Journal.ie.
The Journal.ie relates that although the company said its priority
was to ensure that consumers' deposits were not lost, National
Consumer Agency chief executive Ann Fitzgerald told RTE's Morning
Ireland that the outlook was bleak.
"In all probability, their savings are probably gone," the
Journal.ie quotes Ms. Fitzgerald as saying, largely because the
domestic budgeting sector, unlike the banking sector, went
entirely unregulated.
Ms. Fitzgerald, as cited by the Journal.ie, said she had heard of
some cases where savers had held deposits of up to EUR12,000 --
all of which may now be unrecoverable.
"Because this company is outside of the regulatory system, the
people who used this company are totally vulnerable," the
Journal.ie quotes Ms. Fitzgerald as saying. "There are other
people out there using private sector debt management programmes
where there are no controls over client assets . . . [and] no
protection at all."
According to the report, the company said it had immediately
cancelled all inbound payments including cheques and direct
debits, so that customers who had already sent money to it would
not be left out of pocket.
Established in 1963, Home Payments Ltd was a family-run business
based in Rathmines, Dublin 6. The company employs 16 people and
has approximately 2,300 customers throughout Ireland.
MYGUIDEIRELAND: Appointment of Liquidator Expected Within Days
--------------------------------------------------------------
Eoin English at Irish Examiner reports that a liquidator will be
appointed within days to MyguideIreland, which closed over the
weekend with the loss of 14 jobs.
According to Irish Examiner, one of MyguideIreland's directors,
Cormac O'Neill, declined to discuss the firm's levels of debt and
said it had been a very difficult decision to make.
But in a statement on its Web site on Saturday, the firm noted
that it lost key merchant account facilities -- the type of bank
account that allows businesses to accept payments by debit or
credit cards -- which had an impact on its cashflow, Irish
Examiner relates.
"During the past few months, the company has been in negotiations
with interested parties with a view to securing a new merchant
provider and bridging finance," Irish Examiner quotes the
statement as saying.
"Management deeply regrets that they were unable to get these
negotiations concluded in a timeframe that would allow the company
continue trading.
"Therefore, the directors have the taken the decision to cease
operations and a liquidator will be appointed in the coming days."
It is not clear how many bookings the company had, or if those who
have already paid for holidays will get their money back, Irish
Examiner notes.
MyguideIreland is one of Ireland's largest online travel firms.
It has offices in Skibbereen, Co Cork, and Boston in the USA and
received some 500,000 page impressions per month.
PULS CDO 2006-1: S&P Lowers Ratings on Three Note Classes to 'CC'
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on PULS CDO 2006-1 PLC (PULS 2006) and PULS CDO 2007-1
Ltd. (PULS 2007).
Specifically, S&P has:
Lowered its ratings on PULS 2006's class A-1, A-2A, A-2B, B,
C-1, E-1, and E-2 notes, and the class Q and R combination
notes. At the same time, S&P has affirmed its ratings on the
class C-2 and D notes; and
Lowered its ratings on PULS 2007's class A-1, A-2A, A-2B, B,
C, and E notes. At the same time, S&P has affirmed its rating
on the class D notes.
"The rating actions follow deterioration in the credit quality of
the portfolios underlying the transactions. Since our last rating
action on Nov. 10, 2010 (see 'Ratings Lowered On PULS CDO 2006-1's
German ABS Transaction Following Further Defaults'), PULS 2006 has
experienced three additional obligor defaults, with a combined
principal balance of EUR17.78 million (8.1% of the current
outstanding total note balance). PULS 2007 has experienced three
additional defaults since our last rating action on Aug. 25, 2010,
with a total principal balance of EUR19.8 million (7.6% of the
outstanding note balance) (see 'Ratings Lowered On PULS CDO 2006-1
And PULS CDO 2007-1 CDO Of SME Transactions Following Obligor
Defaults'). This brings the total number of defaulted obligors to
15 (totaling EUR85.78 million) in PULS 2006, and to 18 (totaling
EUR89.9 million) in PULS 2007," S&P related.
"From the July 2011 portfolio manager reports, we see that PULS
2006 has so far received recoveries in relation to only one
obligor, and PULS 2007 in relation to two obligors. The recoveries
received so far are 10.0% in relation to a subordinated loan, and
7.5% in relation to a senior unsecured loan. From the information
we have reviewed, we also note that for both transactions, the
underlying loans will largely mature at the same time -- being
July 2013 for PULS 2006, and July 2014 for PULS 2007. In our view,
this may create challenges, particularly for weaker borrowers to
refinance their debt at maturity, which we believe introduces the
risk of further defaults," S&P related.
"In our view, the underlying portfolios lack granularity.
Therefore, single obligor risk has been the primary focus of our
review in both transactions. The additional defaults have further
increased the portfolio concentration. For example, the current
number of performing obligors is 25 for PULS 2006, and 38 for PULS
2007. According to our analysis, the top 10 obligors in PULS
2006 account for about 61.3% of performing balance, while in PULS
2007 the top 10 obligors account for 44.5% of performing balance -
- making PULS 2006 more concentrated than PULS 2007," S&P said.
PULS 2006
"For PULS 2006, our analysis of the risk posed by further defaults
among the largest obligors indicates that the credit enhancement
available to the class A-1, A-2A, and A-2B notes is no longer
commensurate with the existing ratings. We have therefore lowered
the ratings on these notes to speculative-grade, as our view is
that these classes can no longer withstand defaults among the top
obligors to a level commensurate with an investment-grade rating,"
S&P related.
With regard to the class A notes, proceeds are distributed pro
rata between class A-1 and A-2 (depending on their respective
share of the class A note total); while within class A-2, the
class A-2A notes rank senior to class A-2B in terms of principal
and interest payments. This results in a higher level of credit
enhancement available to class A-2A than to classes A-1 and A-2B.
The level of credit enhancement available to class A-2A is
commensurate with a 'BB (sf)' rating, in S&P's view.
"According to our analysis, the class B notes maintain positive
credit enhancement, but this is not sufficient to cover a default
of the largest obligor. We have therefore lowered the rating on
these notes to 'CCC- (sf)'. The class C-1, C-2, D-1, D-2, E-1, and
E-2 notes remain undercollateralized. We have therefore lowered
the rating on the class C-1 notes to 'CCC- (sf)', and affirmed our
existing ratings on classes C-2 and D. We have lowered the ratings
on the class E-1 and E-2 notes to 'CC (sf)' to reflect our view
that these notes are highly vulnerable to nonpayment," S&P
related.
The class R combination notes in PULS 2006 consist of a class A-1
and a class F component. "Our rating addresses the ultimate
payment of principal only. The principal amount outstanding
amortizes using proportional interest, principal, and excess
spread receipts on the entire class A-1 note. In our view,
however, the amortization is not fast enough for the remaining
principal to pay down prior to maturity in 2014. As such, we
believe the payment due on the class R notes depends on class A-1
receiving the principal at maturity. We have therefore lowered the
rating on the class R combination notes to 'B (sf)'," S&P related.
The class Q combination notes in PULS 2006 consist of a class E-2
and a class F component. "Our rating addresses the ultimate
payment of principal only. Neither class currently receives any
payments or has any principal coverage. We have therefore lowered
our rating on the class Q combination notes to 'CC (sf)' to
reflect our view that these notes are highly vulnerable to
nonpayment," S&P related.
PULS 2007
"In PULS 2007, single obligor concentration is slightly less
pronounced than in PULS 2006, in our view. However, with regard to
classes A-1 and A-2B, the effects of additional defaults are
similar, to the extent that these classes can no longer withstand
defaults among the top obligors to a level commensurate with an
investment-grade rating, in our opinion. We have therefore lowered
the ratings on these notes," S&P related.
The class A notes feature the same pro rata/sequential mechanism
as in PULS 2006, leading to higher credit enhancement available to
class A-2A than to classes A-1 and A-2B. "In our view, the level
of enhancement available to class A-2A is currently commensurate
with a 'BBB (sf)' rating. According to our analysis, the available
credit enhancement for the class B notes covers the default of the
largest obligor in the portfolio, while the class C, D, and E
notes remain undercollateralized. We have therefore lowered the
ratings on the class B and C notes to 'CCC (sf)' and 'CCC- (sf)',
respectively. In our view, the class E notes are highly vulnerable
to nonpayment. We have therefore lowered the rating on these notes
to 'CC (sf)'," S&P stated.
PULS 2006 and PULS 2007 are cash collateralized debt obligations
(CDOs) where Capital Securities Group acts as administrator. The
transactions are backed by senior unsecured and subordinated bonds
issued by German and Swiss small and midsize enterprises (SMEs).
Ratings List
Class Rating
To From
PULS CDO 2006-1 PLC
EUR266.95 Million Senior and Subordinated Deferrable Fixed- and
Floating-Rate
Notes Series 2006-1
Ratings Lowered
A-1 B (sf) BBB- (sf)
A-2A BB (sf) A (sf)
A-2B B (sf) BBB- (sf)
B CCC- (sf) B+ (sf)
C-1 CCC- (sf) B- (sf)
E-1 CC (sf) CCC- (sf)
E-2 CC (sf) CCC- (sf)
R[1] B (sf) BBB- (sf)
Q[2] CC (sf) CCC- (sf)
[1]Combination note comprising EUR1.8 million class A-1 notes and
EUR150,000 class F notes.
[2]Combination note comprising EUR2.85 million of class E-2 notes
and EUR2.15 million of class F notes.
Ratings Affirmed
C-2 CCC- (sf)
D CCC- (sf)
The ratings on the class A-1, A-2A, A-2B, B, and C notes address
timely payment of interest and ultimate payment of principal.
The ratings on the class D, E-1, and E-2 notes address ultimate
interest and ultimate principal payment. The ratings assigned to
the class Q and R combination notes address ultimate payment of
principal.
PULS CDO 2007-1 Ltd.
EUR300 Million Senior and Subordinated Deferrable Floating-Rate
Notes Series
2007-1
Ratings Lowered
A-1 BB (sf) A (sf)
A-2A BBB (sf) A (sf)
A-2B BB (sf) BBB (sf)
B CCC (sf) BB+ (sf)
C CCC- (sf) B- (sf)
E CC (sf) CCC- (sf)
Rating Affirmed
D CCC- (sf)
The ratings on the class A-1, A-2A, A-2B, B, C-1, C-2, and D notes
address timely payment of interest and ultimate payment of
principal. The rating on the class E notes addresses ultimate
payment of interest and principal.
RMF EURO: Moody's Upgrades Rating on Class V Notes to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by RMF Euro CDO III Plc:
Issuer: RMF Euro CDO III PLC
-- EUR20.1M Class II Senior Secured Floating Rate Notes, due
2021, Upgraded to A1 (sf); previously on Jun 22, 2011 A2
(sf) Placed Under Review for Possible Upgrade
-- EUR14.7M Class III Deferrable Mezzanine Floating Rate Notes,
due 2021, Upgraded to Baa1 (sf); previously on Jun 22, 2011
Baa3 (sf) Placed Under Review for Possible Upgrade
-- EUR23.3M Class IV Deferrable Mezzanine Floating Rate Notes,
due 2021, Upgraded to Ba1 (sf); previously on Jun 22, 2011
B1 (sf) Placed Under Review for Possible Upgrade
-- EUR10.5M Class V Deferrable Mezzanine Floating Rate Notes,
due 2021, Upgraded to Ba3 (sf); previously on Jun 22, 2011
B3 (sf) Placed Under Review for Possible Upgrade
-- EUR241M Class I Senior Secured Floating Rate Notes, due
2021, Confirmed at Aa1 (sf); previously on Jun 22, 2011 Aa1
(sf) Placed Under Review for Possible Upgrade
Ratings Rationale
RMF Euro CDO III Plc issued in August 2005, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly senior secured European loans. The portfolio is managed by
Pemba Credit Advisers with a reinvestment end date of 11th August
2011.
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 modelling 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 modelling framework. Additional changes to the
modelling assumptions include changing certain credit estimate
stresses aimed at addressing the lack of forward looking
indicators as well as time lags in receiving information required
for credit estimate updates.
The overcollateralization ratios of the rated notes have improved
slightly since the rating action in March 2011. The Class I/II,
Class III, Class IV and Class V overcollateralization ratios are
reported at 127.01%, 120.23%, 110.86% and 107.09%, respectively,
versus February 2011 levels of 125.58%, 118.88%, 109.61% and
105.89% respectively. All related overcollateralization tests are
currently in compliance.
WARF has increased from 2891 to 3009 between February 2011 and
July 2011. However, this reported WARF overstates the actual
deterioration in credit quality 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. Additionally, defaulted securities total EUR
0 million of the underlying portfolio compared to EUR 4.3 million
in February 2011.
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 EUR 344 million,
defaulted par of EUR 1 million, a weighted average default
probability of 29.31% (consistent with a WARF of 2931), a weighted
average recovery rate upon default of 42.80% for a Aaa liability
target rating, and a diversity score of 38. 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 82% 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.
Sources of additional performance uncertainties are:
1) Deleveraging: The main source of uncertainty in this
transaction is whether deleveraging from unscheduled principal
proceeds will continue and at what pace. Deleveraging may
accelerate due to high prepayment levels in the bond/loan
market and/or collateral sales by the manager, which may have
significant impact on the notes' ratings.
2) Moody's also notes that around 55% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011. Please see the Credit Policy page on www.moodys.com for
a copy of this methodology.
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.
SUPERQUINN: Suppliers Still at Risk Despite Insurance Payouts
-------------------------------------------------------------
The Irish Times reports that Superquinn suppliers will be happy to
hear credit insurer Atradius intends to pay out to clients after
the company went into receivership.
As reported in the Troubled Company Reporter-Europe on August 8,
2011, Irish Times said that some Superquinn suppliers who lost out
when the banks placed the company in receivership are set to be
paid from credit insurance policies taken out on sales to the
grocery chain. Credit insurer Atradius said it would be paying
out on claims worth "several million" to some of the chain's
suppliers who were not paid for their goods as a result of the
receivership, according to Irish Times. The report related that
the multinational's country manager, Stuart Ramsden, confirmed
that Atradius would be paying out on claims made by suppliers.
However, Irish Times relates that not all of them have such
insurance. The report says that it is mainly, but not
exclusively, bigger operators, many of which were facing six-
figure losses as a result of the receivership.
Irish Times discloses that Atradius is not yet in a position to
say how many suppliers will be paid, or what the final liability
will be. Atradius insures large companies but also provides cover
for small and medium-sized businesses, the report notes.
Nevertheless, Irish Times says that it is still likely a lot of
smaller suppliers do not have cover.
Irish Times relays that the total shortfall in the amount due to
Superquinn suppliers is estimated at about EUR25 million. It is
not known how much of this is insured, just that the figure is
"several million," the report adds.
About Superquinn
Superquinn is one of Ireland's largest domestic retailers. It
employs around 2,800 people in 23 stores around the country.
Superquinn is owned by Select Retail Holdings, which bought the
retailer for EUR350 million in 2005.
* * *
As reported in the Troubled Company Reporter on July 20, 2011,
Reuters said RTE News reported Superquinn was put into
receivership by a syndicate of banks, including Allied Irish
Banks, Bank of Ireland, and National Irish Bank after building up
debts of more than EUR400 million (US$561 million). Kieran
Wallace and Eamonn Richardson, representatives of professional
services firm KPMG, have been appointed as receivers to the firm.
=========
I T A L Y
=========
* ITALY: To Accelerate Austerity Plan
-------------------------------------
Gregory Viscusi at Bloomberg News reports that Italian Prime
Minister Silvio Berlusconi said Italy plans to accelerate its
austerity and balance the budget ahead of schedule, seeking to
prevent the country from becoming the next victim of Europe's debt
crisis as investors flee Italian bonds.
The moves may pave the way for the European Central Bank to try to
bring down Italy's borrowing costs by buying its bonds in
secondary markets, Bloomberg says.
"We are facing a very difficult situation in financial markets
that requires a coordinated intervention by various states, above
all the nations that share the euro," Bloomberg quotes
Mr. Berlusconi as saying.
According to Bloomberg, Mr. Berlusconi and Finance Minister Giulio
Tremonti said in a joint press conference in Rome on Thursday that
Italy will adopt a balanced-budget amendment, liberalize its labor
market, and consider asset sales.
Mr. Berlusconi said he discussed with French President Nicolas
Sarkozy the possibility of holding a meeting of Group of Seven
finance ministers within days, Bloomberg notes.
===================
K A Z A K H S T A N
===================
* MANGISTAU: Fitch Affirms Long-Term Currency Ratings at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed the Kazakhstan Region of Mangistau's
Long-term foreign and local currency ratings at 'BB+' and Short-
term foreign currency rating at 'B'. The National Long-term rating
is affirmed at 'AA-(kaz)'. The Outlooks for all three Long-term
ratings are Stable.
The affirmation of the region's ratings reflects its wealth within
the national context, sound budgetary performance, despite
moderate deterioration, moderate expenditure rigidity and almost
debt-free status. However, the ratings also factor in the strong
reliance of the regional budget on central government decisions,
which can negatively impact the operating balance and its highly
concentrated economy.
Fitch notes that sustained budgetary performance in a context of
sharply increased withdrawals to national budget, underpinned by
Mangistau's rapid economic development would be positive for the
ratings. Conversely, downward rating pressure will arise if
Mangistau's debt position structurally deteriorates coupled with
changes in subnationals' institutional framework negatively
affecting the region's budgetary performance.
Fitch expects Mangistau will continue to record a sound budgetary
performance despite expected increase in transfers to the central
government. Operation margins are expected to be around 15%-17% in
2011-2013, well below the 24% operating margin recorded in 2010.
The region's budgetary flexibility remains high as capital
expenditure expect to be 47% of total expenditure in 2011; which
are scheduled to be 70% funded by earmarked capital revenue
provided by the state..
Budgetary and political framework is strongly biased towards
centralized decision-making and fund distribution. Kazakhstani
regions depend heavily on the central government, especially in
terms of inter-regional equalization transfer allocation. The new
approach of calculating intergovernmental transfers was set in
2010 for the next three-year period (2011-2013). It is less
favorable for the region, since the withdrawals to the central
budget sharply increasing to KZT12.7 billion and KZT16 billion in
2011 and 2012 respectively (2010: KZT2.4 billion). However,
transfers are fixed for three years ahead, increasing the
predictability of budgetary performance in the medium term.
The region is almost risk free, with the debt burden totalling
KZT1.7 billion at end-2010, below 5% of current revenue. According
to national regulations, the region cannot issue bonds, borrow
from banks or issue guarantees, leaving it only the ability to
raise credit from the central government. Mangistau obtained
several earmarked interest-free loans from central government in
2005-2010, the bulk of which were on-lent at the municipal level.
The region is planning to borrow KZT3.8 billion in 2011, and lend
the respective amount to the municipalities, which means the
region's net debt will remain close to zero.
The region's economy is strong but highly concentrated in the oil
and gas sector. Mangistau's per capita gross regional product
(GRP) was 2x above the national average in 2010. Rich natural
resources drive the region's industrial development, but cause
high tax concentration. However, tax proceeds are based on salary
funds and are not linked directly to the profitability of local
businesses, which makes tax revenue less vulnerable to falls in
oil prices.
===================
L U X E M B O U R G
===================
ELCOTEQ SE: To Seek Other Investors; Talks with Platinum Stalls
---------------------------------------------------------------
Diana ben-Aaron at Bloomberg News reports that Elcoteq SE will
seek other investors after negotiations with Platinum Equity
stalled on questions about Elcoteq's future.
According to Bloomberg, Elcoteq said lenders seeking repayment
have blocked bank accounts and seized customer payments.
The company said in a separate statement that CEO Jouni
Hartikainen resigned on Friday, Bloomberg notes.
The company's stock has fallen 58% since July 18, when it said
lenders led by Danske Bank A/S were seeking repayments of a
EUR48.5 million revolving credit facility that was due
June 30, Bloomberg recounts.
"The future business outlook is very uncertain and the company is
only partially able to control its business processes," Bloomberg
quotes Elcoteq as saying on Friday. "According to Mr.
Hartikainen, his ability to manage the company and to objectively
safeguard the benefits of all the company's shareholders became
impossible due to the recent actions by the revolving credit
facility lenders."
The company, as cited by Bloomberg, said it will be run by the
board of directors for the time being with Mr. Hartikainen's
support during his notice period.
Elcoteq SE is a supplier of manufacturing and repair services to
companies such as Nokia Oyj and Royal Philips Electronics NV.
=====================
N E T H E R L A N D S
=====================
DECO 14: S&P Affirms Rating on Class G Notes at 'D'
---------------------------------------------------
Standard & Poor's Ratings Services lowered by two notches its
credit ratings on DECO 14 - Pan Europe 5 B.V.'s class D, E, and F
notes. "At the same time, we affirmed our ratings on all other
classes of notes," S&P related.
"The rating actions follow our review of the underlying assets and
the transaction performance. There are currently 11 loans and a
50% pari passu ranking participation in the WOBA loan securing the
notes. Two loans are currently in default -- the Arcadia loan and
the DD Karstadt loan," S&P related.
The WOBA Loan
The WOBA loan currently accounts for 38.6% of the loan pool and is
the largest loan in the portfolio. The total loan balance is
EUR1,075.5 million, of which the DECO 14 issuer owns 50%, while
Windermere IX owns the other 50%. The loan purpose was to assist
Fortress Investment Group LLC in the acquisition of the WOBA
companies -- a housing company previously owned by the city of
Dresden. The property portfolio comprised 42,688 residential and
1,110 commercial units on Day 1, of which the borrower has sold a
minor portion since closing. The assets are concentrated in
Dresden and represent 15% of the Dresden multifamily housing
market.
From Day 1 through mid-2009, the property portfolio EBITDA
increased (the servicer reports the EBITDA for this loan, as
opposed to net operating income [NOI] for the other loans). This
increase was driven by an increase in rental level and a reduction
in vacancy (to 3.4% from 14.5% at closing). "In more recent
months, we have seen a slow deterioration in EBITDA and occupancy.
The vacancy rate is now 6.4%. We believe that a further
deterioration is likely, especially as the occupancy rate is
significantly above the market levels. The initial improvement in
occupancy may, to a certain extent, have been driven by one-off
effects, such as the relocation of tenants from properties that
were targeted for demolition and are excluded from the pool. The
city of Dresden shows a vacancy rate of 12.5%," S&P related.
"Despite the comparably low reported loan-to-value (LTV) ratio of
61.3%, we believe that a refinancing of the entire property
portfolio would be challenging given the current debt market
environment. The German residential property market saw only
37,000 residential units sold in portfolios in the first half of
2011; by comparison, the WOBA loan by itself is secured by over
40,000 units, which indicates that a workout of the loan, if it
defaults, is likely to be lengthy. The most likely point of
default for the loan is at its maturity date in May 2013, at which
point the servicer would have 7.5 years to split up the portfolio
into smaller lot sizes and sell and/or refinance the portfolio if
the borrower defaults," S&P said.
The Arcadia Loan
This is the sixth largest loan in the pool, and the whole loan
amounts to EUR120.8 million, of which the issuer owns a senior-
ranking part of EUR107.6 million. The loan matures in January 2014
but has been in payment default since January 2010. It was
transferred to special servicing in March 2010. The loan is also
in breach of the whole-loan interest coverage ratio (ICR)
covenant of 1.05x (the ratio is 0.93x) and the LTV covenant of 92%
(the ratio is 151.3%).
"We understand from our conversations with the servicer that the
reduction in NOI that initially led to the interest shortfalls is
primarily due to a substantial increase in non-recoverable
expenses," S&P related.
In May 2010, the issuer informed us that the properties had been
revalued, and the new value of EUR79.8 million (which is 40% below
the Day 1 value) triggered a control valuation event. This means
that the junior lenders no longer have control rights regarding
this loan. The new value also triggered an appraisal reduction,
given that the senior LTV ratio is now 135%. The appraisal
reduction would reduce the amount that is available for the issuer
under the liquidity facility to cover interest shortfalls from the
loan. At present, there is sufficient income from the properties
to pay the senior loan interest in full, together with the special
servicing fees. If the income deteriorates further, however, the
issuer may be required to draw on the liquidity facility. The
appraisal reduction would then lead to an immediate interest
shortfall on the notes.
The Arcadia loan is secured by 28 retail properties across
Germany. The portfolio is a diverse mixture of supermarkets (40%),
retail warehouses (27%), other retail (24%), and residential (7%)
units. The assets are let to approximately 80 tenants.
If the special servicer sells the property portfolio at the most
recently calculated value, the principal losses (approximately
EUR27.9 million plus enforcement costs and potentially accrued
interest) would affect the class E, F, and G notes.
The Dd Karstadt Hilden Loan
This is the smallest loan in the pool, with a current balance of
EUR5.1 million. The loan has been in default since July 2010,
following the insolvency of the single tenant (Hertie) and the
loan sponsor (Dawnay Day).
The loan is secured by a freehold retail property in Hilden (near
Dusseldorf, Germany). It was built in 1953 and subsequently
refurbished in 1982, 1991, and 1997. It comprises 3,266 sq. m. of
lettable area.
After the loan defaulted, interest was paid from a reserve until
(and excluding) July 2010, at which point the loan went into
payment default. "The loan was transferred to special servicing in
December 2010. Since then, we understand the special servicer has
made a number of attempts to sell the asset but has been
unsuccessful," S&P related.
"We believe that losses from the loan (including enforcement costs
and accrued interest) could exceed EUR1 million, but would --
together with the expected losses from the Arcadia loan -- be
contained within the class E, F, and G notes," S&P said.
The Other Loans
None of the other loans are currently in default or in breach of
any of their loan covenants. "We do, however, foresee significant
refinance risk with regard to the CGG loan (the reported LTV ratio
is 80.4%), the Sofia Business Park loan (52.8%), the Capital &
Regional loan (79.7%), and the Mansford loan (85.8%). It should be
noted that all these reported LTV ratios are based on property
valuations from 2006. We believe that the property portfolios may
have suffered market value declines of between 25% and 50% since
then, which is another driver of our rating actions," S&P related.
"In April 2011, we lowered our ratings on the class A-1, A-2, A-3,
and X notes to 'A (sf)' following the implementation of our 2010
counterparty criteria ('Counterparty And Supporting Obligations
Methodology And Assumptions,' Dec. 6, 2010)," S&P said.
DECO 14-Pan Europe 5 is secured on nine loans backed by
residential and commercial properties in Germany, a pari passu
ranking participation of 50% in a loan secured on a residential
portfolio in Dresden (the WOBA loan), and one loan secured on an
office park in Sofia, Bulgaria. One loan is secured on a portfolio
of 14 commercial properties across Italy. These loans mature
between 2012 and 2016, with the bulk in 2013 (the WOBA loan, 40%)
and 2014 (32%). Of the remaining loans, two have been performing
below our expectations at closing (the Arcadia loan and the
Karstadt loan). Only one loan (1% of the Day 1 pool balance) has
repaid in full since closing.
Ratings List
DECO 14 - Pan Europe 5 B.V.
EUR1.491 Billion Commercial Mortgage-Backed Floating-Rate Notes
Class Rating
To From
Ratings Lowered
D B+ (sf) BB (sf)
E B (sf) BB- (sf)
F B- (sf) B+ (sf)
Ratings Affirmed
A1 A (sf)
A2 A (sf)
A3 A (sf)
B BBB+ (sf)
C BBB (sf)
G D (sf)
E-MAC: Moody's Lowers Ratings on Two Classes of Notes to 'C'
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 15 classes
of mezzanine, junior and subordinated notes issued by E-MAC DE
2005-I B.V., E-MAC DE 2006-I B.V., E-MAC DE 2006-II B.V. and E-MAC
DE 2007-I B.V.
Ratings Rationale
The rating action concludes the review for downgrade initiated by
Moody's on April 13, 2011 and takes into consideration the worse-
than-expected performance of the collateral.
This rating action takes into consideration the worse-than-
expected performance of the collateral and reflects the credit
quality of the underlying mortgage loan pools, from which Moody's
determined the MILAN Aaa Credit Enhancement (MILAN Aaa CE) and
lifetime losses (expected loss), as well as the transaction
structure and any legal considerations as assessed in Moody's cash
flow analysis. The expected loss and the Milan Aaa CE are the two
key parameters used by Moody's to calibrate its loss distribution
curve, used in the cash flow model to rate European RMBS
transactions.
Portfolio Expected Loss
Moody's has reassessed its lifetime loss expectation taking into
account the collateral performance to date. Cumulative losses for
all four affected transactions rose significantly and the share of
90+ day arrears continued to increase, although at a much lower
pace in the last few quarters. However, Moody's expects that the
portfolio credit performance will be stressed further and that
more losses will be incurred from the worked-out loans in late
stage arrears. Therefore the collateral performance has been worse
than assumed since the last rating action in June 2009.
As of May 2011 for E-MAC DE 2005-I B.V., loans delinquent by more
than 90 days as a percentage of current portfolio balance (90+
delinquencies) stood at 10.0%, up from 7.8% in May 2009. In the
same period, cumulative losses as a percentage of the original
portfolio balance (cumulative losses) rose to 1.8%, up from 0.2%
as of May 2009. To date, the increase in cumulative losses did not
result in any reserve fund drawings.
For E-MAC DE 2006-I B.V., 90+ delinquencies increased to 11.2%, up
from 9.9% in May 2009. Also cumulative losses jumped to 2.3%, up
from 0.2% in May 2009. The sharp increase in losses resulted in
the depletion of the reserve fund, which currently stands at 50%
of its target level.
For E-MAC DE 2006-II B.V., 90+ delinquencies also rose and
currently stand at 10.6%, up from 7.2% in May 2009. Cumulative
losses grow to 1.3%, up from only three basis points in May 2009.
This increase also ended in the drawing of the reserve fund, which
currently stands at 95% of its target level.
Finally for E-MAC DE 2007-I B.V., 90+ delinquencies climbed to
10.7%, up from 5.1% in May 2009. Additionally, cumulative losses
now stand at 0.8%. As of the last review in summer 2009, no
cumulative losses have been crystallized. The increase in losses
also resulted in the depletion of the reserve fund, which now
stands at 82% of its target level.
Taking into account the current amount of realized losses and
completing a roll-rate and severity analysis of the portfolio,
Moody's has increased the portfolio expected loss assumption for
E-MAC DE 2005-I B.V., E-MAC DE 2006-II B.V. and E-MAC DE 2007-I
B.V. to 8% and E-MAC DE 2006-I B.V. to 9% of the original pool
balance from the previous level of 3%. Moody's also has lowered
its expected recovery rate to around 40% for all four
transactions.
MILAN AAA CE
Moody's has also re-assessed updated loan-by-loan information to
determine the MILAN Aaa CE. As a result, Moody's has increased its
MILAN Aaa CE assumptions to 28% for all affected transactions, up
from its previous rating action level in June 2009 of 22.3%,
25.7%, 23.4% and 25.5 for E-MAC DE 2005-I B.V., E-MAC DE 2006-I
B.V., E-MAC DE 2006-II B.V. and E-MAC DE 2007-I B.V.,
respectively. This increase is mainly due to higher delinquency
levels in the current portfolio compared to last the rating
action. As of May 2011, the pool factor was between 86% and 92%.
Available credit enhancement under class A (including
subordination and reserve fund) of the affected transaction is
between 15% and 21%.
Operational Risk
In 2009, Moody's downgraded all senior notes to Baa1(sf), due to
lack of back-up servicing and cash management arrangements. CMIS
Investment B.V. (not rated) (previously GMAC RFC Investment B.V.)
acts as cash manager and servicer in the four transactions. For
further details on the deal structures, please refer to the pre-
sale, new issue reports or previous press releases of the affected
transactions. The reports are available on www.moodys.com.
Previous Rating Actions
Moody's previously downgraded the ratings of the classes of notes
in the affected transactions on: (i) September 12, 2008, due to
worse-than-expected collateral performance; (ii) 12 December 2008,
due to the lack of back-up arrangements for the cash management
and certain servicer functions; (iii) April 7, 2009, due to an
update of Moody's rating methodology for German RMBS; and (iv) 9
June 2009, due to the continued lack of back-up arrangement and
possible consequences for note holders in the event of a servicing
or cash management disruption.
Methodologies
The principal methodology used in this rating was Moody's Approach
to Rating RMBS in Europe, Middle East and Africa published in
October 2009.
Other methodologies used in this rating were Moody's Updated MILAN
Methodology for Rating German RMBS published in October 2009,
Revising Default/Loss Assumptions Over the Life of an ABS/RMBS
Transaction published in December 2008.
Other factors used in this rating are described in "Global
Structured Finance Operational Risk Guidelines: Moody's Approach
to Analyzing Performance Disruption Risk", published in June 2011.
List Of Ratings Actions
Issuer: E-MAC DE 2005-I B.V.
-- EUR9.9M C Mortgage-Backed Notes, Downgraded to Ba3(sf);
previously on 13 April 2011, Ba1 (sf) Placed on Review for
Downgrade
-- EUR9.3M D Mortgage-Backed Notes, Downgraded to Caa2(sf);
previously on 13 April 2011, B1 (sf) Placed on Review for
Downgrade
-- EUR3M E Mortgage-Backed Notes, Downgraded to Ca(sf);
previously on 13 April 2011, Caa2 (sf) Placed on Review for
Downgrade
Issuer: E-MAC DE 2006-I B.V.
-- EUR27M B Mortgage-Backed Notes, Downgraded to Ba1(sf);
previously on 13 April 2011, Baa1(sf) Placed on Review for
Downgrade
-- EUR17.5M C Mortgage-Backed Notes, Downgraded to Caa1(sf);
previously on 13 April 2011, Ba2(sf) Placed on Review for
Downgrade
-- EUR11.5M D Mortgage-Backed Notes, Downgraded to Ca(sf);
previously on 13 April 2011, B1(sf) Placed on Review for
Downgrade
-- EUR7M E Mortgage-Backed Notes, Downgraded to C(sf);
previously on 13 April 2011, Caa1(sf) Placed on Review for
Downgrade
Issuer: E-MAC DE 2006-II B.V.
-- EUR35M B Mortgage-Backed Notes, Downgraded to Baa3 (sf);
previously on 9 June 2009, Downgraded to Baa2 (sf)
-- EUR24.5M C Mortgage-Backed Notes, Downgraded to B3 (sf);
previously on 13 April 2011, Ba2 (sf) Placed on Review for
Downgrade
-- EUR14M D Mortgage-Backed Notes, Downgraded to Caa3 (sf);
previously on 13 April 2011, B2 (sf) Placed on Review for
Downgrade
-- EUR9.8M E Mortgage-Backed Notes, Downgraded to Ca (sf);
previously on 13 April 2011, Caa2 (sf) Placed on Review for
Downgrade
Issuer: E-MAC DE 2007-I B.V.
-- EUR39.1M B Mortgage-Backed Notes, Downgraded to Baa2 (sf);
previously on 9 June 2009, Downgraded to Baa1 (sf)
-- EUR33.5M C Mortgage-Backed Notes, Downgraded to B3 (sf);
previously on 13 April 2011, Baa3 (sf) Placed on Review for
Downgrade
-- EUR13.9M D Mortgage-Backed Notes, Downgraded to Ca (sf);
previously on 13 April 2011, B1 (sf) Placed on Review for
Downgrade
-- EUR8.3M E Mortgage-Backed Notes, Downgraded to C (sf);
previously on 13 April 2011, B3 (sf) Placed on Review for
Downgrade
INDIGOLD CARBON: Moody's Corrects Corporate Rating to 'Ba3'
-----------------------------------------------------------
Moody's Investors Service is correcting the ratings for Indigold
Carbon (Netherlands) BV's Corporate Family Rating to Ba3 from WR
and Probability of Default Rating to Ba3 from WR.
Moody's also is correcting the ratings for Indigold Carbon USA,
Inc.'s US$75 million senior secured revolving credit facility due
2016 to Ba3 (LGD3, 42%) from WR and US$500 million senior secured
term loan A due 2016 to Ba3 (LGD3, 42%) from WR. The outlook is
stable.
The principal methodology used in rating Indigold Carbon was the
Global Chemical Industry Rating Methodology published in December
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
The ratings were previously withdrawn on June 27, 2011 due to an
internal administrative error.
JUBILEE CDO: S&P Withdraws 'CCC-' Ratings on Two Classes of Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
all rated classes of notes in Jubilee CDO IV B.V.
Specifically, S&P has:
Raised its ratings on the class A and C notes,
Raised and removed from CreditWatch positive its ratings on
the class B-1 and B-2 notes,
Affirmed its ratings on the class D-1 and D-2 notes, and
Withdrawn its ratings on the class E and E-1 notes.
"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report,
dated June 20, 2011, in addition to a cash flow analysis. We have
taken into account recent developments in the transaction and
reviewed the transaction under our 2010 counterparty criteria (see
'Counterparty and Supporting Obligations Methodology and
Assumptions,' published Dec. 6, 2010)," S&P related.
Jubilee CDO IV has been amortizing since the end of its re-
investment period in October 2010. "Since we took rating action on
the transaction on Feb. 5, 2010 (see 'Transaction Update: Jubilee
CDO IV B.V.'), the portfolio size has reduced by 18.5% to EUR316.2
million from EUR388.1 million," S&P said.
"From our analysis, we have observed that EUR40.8 million of the
class A notes have paid down since our last rating action, which
in our view has helped increase the credit enhancements for all
classes of notes since we last took rating action. We have also
observed from the trustee report an improvement in the
overcollateralization test results for all classes, and an
increase in the weighted-average spread to 322 basis points (bps)
from 306 bps. In addition, we have observed an improvement in the
credit quality of the portfolio, such as a fall in defaulted
assets to 1.45% from 3.15% and a decrease in assets rated 'CCC+',
'CCC', or 'CCC-' to 10.71% from 14.66%," S&P related.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for each rated class. In our
analysis, we used the reported portfolio balance that we consider
to be performing, the weighted-average spread, and the weighted-
average recovery rates that we considered appropriate. We
incorporated various cash flow stress scenarios using alternative
default patterns, levels, and timing for each liability rating
category, in conjunction with different interest stress
scenarios," S&P said.
"From our analysis, we have observed that the non-euro-denominated
assets currently make up 22.47% of the performing assets. These
assets are hedged under a cross-currency swap agreement. In our
cash flow analysis, we considered scenarios where the hedging
counterparties do not perform and where the transaction is
therefore exposed to changes in currency rates," S&P related.
"In our opinion, the credit enhancement available to the class A
notes is consistent with a higher rating than previously assigned,
taking into account our credit and cash flow analyses and our 2010
counterparty criteria. We have therefore raised our rating on the
class A notes," S&P said.
"Our credit and cash flow analysis on the class B-1, B-2, and C
notes indicated that the credit enhancement was consistent with
higher ratings than previously assigned. We have therefore raised
and removed from CreditWatch positive our ratings on the class B-1
and B-2 notes and raised our rating on the class C notes. As the
updated ratings on these three notes are currently lower than the
ratings on any of the counterparties in the transaction, they are
not affected by the application of our 2010 counterparty
criteria," S&P related.
"We have affirmed our ratings on the class D1 and D2 notes, as our
analysis indicates that the credit enhancement available to these
notes is consistent with the ratings currently assigned," S&P
said.
"We have withdrawn our ratings on the class E and E-1 notes
following recent confirmation from the trustee that these notes
were fully repaid on Oct. 15, 2010, under the terms and conditions
of the notes," S&P related.
"None of our ratings on the notes was constrained by the
application of the largest obligor default test, a supplemental
stress test we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs) (see 'Update To
Global Methodologies And Assumptions For Corporate Cash Flow And
Synthetic CDOs,' published Sept. 17, 2009)," S&P said.
Jubilee CDO IV is a cash flow collateralized loan obligation (CLO)
transaction that securitizes loans to primarily speculative-grade
corporate firms. The transaction closed in August 2004 and is
managed by Alcentra Ltd.
Ratings List
Jubilee CDO IV B.V.
EUR410 Million Secured Floating- and Fixed-Rate Notes
Class Rating
To From
Ratings Raised
A AA (sf) AA- (sf)
C BB- (sf) B+ (sf)
Ratings Raised and Removed From CreditWatch Positive
B-1 BBB+ (sf) BBB- (sf)/Watch Pos
B-2 BBB+ (sf) BBB- (sf)/Watch Pos
Ratings Affirmed
D-1 CCC+ (sf)
D-2 CCC+ (sf)
Ratings Withdrawn
E-1 NR CCC- (sf)
E NR CCC- (sf)
NR--Not rated.
===========
R U S S I A
===========
ZHEMCHUZHINA SOCHI: Drops Out of National League
------------------------------------------------
Gennady Fyodorov at Reuters reports that Zhemchuzhina Sochi has
dropped out of the championship because of financial difficulties.
"[Satur]day, the club president Dmitry Yakushev told the players
that Zhemchuzhina will no longer be able to play in the national
league," Reuters quotes Sochi as saying on its Web site.
According to Reuters, Sochi had one of the biggest budgets among
the second division clubs as they were hoping to win promotion to
Russia's top flight this season after playing there in the 1990s.
Several other top Russian clubs have also been liquidated in the
last 18 months, Reuters notes.
Zhemchuzhina Sochi is a Russian professional soccer club.
FREIGHT ONE: Fitch Maintains Negative Watch on Ratings
------------------------------------------------------
Fitch Ratings has maintained Russia-based OJSC Freight One's
ratings on Rating Watch Negative (RWN).
Freight One's Long-term foreign and local currency Issuer Default
Ratings (IDR) of 'BBB-' currently include a one-notch uplift for
parental support from JSC Russian Railways (RZD,
'BBB'/Stable/'F3'), its sole shareholder. The maintained RWN
follows an announcement by RZD that on July 28, 2011 the
Government of the Russian Federation, its sole shareholder,
approved a sale of 75% less two shares in Freight One by the end
of 2011.
Fitch views the existing standalone business and financial profile
of Freight One as commensurate with a Long-term IDR of 'BB+'.
Consequently, following the disposal by RZD, Fitch will no longer
incorporate RZD's parental support into Freight One's ratings
under Fitch's Parent-Subsidiary Rating Linkage methodology. The
agency emphasizes that Freight One's ratings may be impacted by
the relative credit strength of a new majority shareholder and the
parent-subsidiary arrangements put in place (including the effect
of possible acquisition funding). To resolve the RWN, Fitch will
therefore seek clarification about the new ownership structure and
the purchase financing following the disposal.
Freight One represents over 10% of RZD's consolidated revenues and
is therefore a principal subsidiary (as defined in RZD's loan
participation notes). Freight One's default (among other events)
could be an event of default for RZD. Fitch understands that
Freight One's loans do not include change of control provisions.
Freight One is a leading rolling stock operator in Russia and the
CIS by fleet size and transportation volumes, with a strong
ability to execute customer demand, and has a diversified fleet
and customer base. In H111, Freight One transported over 148
million tones of cargo, a 12% increase on H110, which accounted
for about 22% of all cargo shipped by rail in Russia over that
time.
The rating actions are:
Freight One
-- Long-term foreign currency IDR: 'BBB-'; RWN maintained
-- Long-term local currency IDR: 'BBB-'; RWN maintained
-- Short-term foreign currency IDR: 'F3'; RWN maintained
-- Short-term local currency IDR: 'F3'; RWN maintained
-- National Long-term rating: 'AA+(rus)'; RWN maintained
* RUSSIA: Fitch Affirms Individual Ratings on Four Banks at 'D/E'
-----------------------------------------------------------------
Fitch Ratings has affirmed four Russian regional banks' foreign-
currency Issuer Default Ratings (IDRs). International Bank of
Saint-Petersburg (IBSP), Petersburg Social Commercial Bank (PSCB)
and JSC Bank BTA-Kazan (OJSC) (BTAK), have been affirmed at 'B-'
and JSC Spurt Bank (Spurt) at 'B'. The Outlooks are Stable.
The affirmations reflect the positive Russian economic growth
supporting borrowers' profitability and repayment ability, as well
as the banks' reasonable liquidity positions and generally
comfortable market liquidity.
The ratings continue to be constrained by significant related
party business (especially in the case of IBSP), high credit risks
concentrations and substantial exposure to construction (IBSP,
BTA-Kazan and Spurt), rapid growth (Spurt, BTA-Kazan), and weak
capitalization (IBSP, Spurt). In case of PSCB, Fitch is also
concerned about the significant volume of settlement transactions,
which may be a source of operational and regulatory risk.
IBSP's related party exposures, including the most notable to
shareholder-controlled Interleasing Group, accounted for a
significant 17% of loan book. Exposure to the real estate
development industry, which is viewed by Fitch as vulnerable,
accounted for a high 31% of gross loans at end-2010. Non-
performing loans (NPLs) made up 1.5% of loans and reported
restructured loans a further 17% at end-2010. At the same time,
the loan impairment reserve (LIR) was only 7.2%, which Fitch
considers to be low given the credit concerns outlined. Also, the
regulatory capital ratio of 11.7% at end-H111 implied the ability
to increase reserves by just 2.8%. IBSP's concentrated funding
base is potentially volatile. However, a significant liquidity
cushion (cash and cash equivalents, net interbank placements and
liquid securities) covered 30% of customer accounts at end-H111,
mitigating this risk.
PSCB's strength is in its profitability (return-on-equity 15.8% in
2010), although it is enhanced by significant fees and commission
income (43% of revenue in 2010), almost half of which is earned
from cash and settlement transactions. Such services are provided
for thousands of counterparties, while at the same time the
franchise remains limited (the bank operated through five branches
and with overall headcount of only 325 people at end-2010). Fitch
therefore believes that such transactions may be a source of
significant operational and potentially regulatory risk, although
Fitch takes some comfort from a positive track record of
inspections by the Central Bank of Russia. PSCB's lending business
is concentrated (top 20 exposures accounted for significant 54% of
gross loans at end-2010) but of decent quality, with NPLs of only
2.2% at end-2010. Liquidity is reasonable, with the share of
liquid assets sufficient to cover customer accounts by over 50% at
end-2010. Capitalization is a modest with a regulatory capital
ratio of 13.4% at end-H111 implying a maximum LIR capacity of only
5.9%.
BTAK's ratings are constrained by substantial credit exposure to
real estate (at least 16% of loans at end-Q111) and project
finance (at least 5%). Fitch also notes the increase in lending to
the oil and gas industry, which is potentially driven by the
relationships introduced by BTAK's shareholders, although the
reported related party loans were relatively modest (equivalent of
22% equity at end-Q111). Additional credit risks may crystallize
from the fast expanding retail business (40% growth in H111),
although the main growth drivers were mortgages and car loans,
BTAK's traditional retail products. NPLs decreased to 6% of the
gross loans at end-Q111. Restructured/rolled-over loans remained
substantial at 22% of the portfolio, and their quality is
improving. Fitch estimated that at end-Q111 the bank was able to
increase the impairment reserves to a moderate 12% of credit
exposures, before its capital adequacy would hit the statutory
limit. BTAK's liquidity cushion provides only moderate coverage of
customer accounts (13%), indicating BTAK's vulnerability to market
stresses.
Spurt's ratings factor the Republic of Tatarstan's regulators'
reasonably supportive stance towards the domestic banking system
and the bank's track record of cooperation with both the local
authorities and prominent players in the domestic economy. Fitch
notes that any weakening of this relationship could impact the
ratings. The regulatory capital adequacy ratio was a modest 12.6%
at end-H111, which offers very limited loss absorption capacity
(up to 5% of loans). At the same time, the rapid expansion of loan
portfolio (25% in H111), particularly in retail and the small and
medium sized enterprises segment will probably result in higher
credit costs when these exposures become more seasoned. Spurt
tentatively expects a capital injection of up to RUB0.6 billion in
H211, although this is likely to be absorbed quickly by continued
growth. Internal capital generation is moderate (annualized ROE of
7.8% in H111). Spurt's liquidity cushion at end-H111 covered its
customer base by a moderate 15%, while its near-term wholesale
refinancing needs are low.
The rating actions are:
Spurt
-- Long-term foreign currency IDR: affirmed at 'B', Outlook
Stable
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b'
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'BBB-(rus)', Outlook
Stable
BTAK
-- Long-term foreign currency IDR: affirmed at 'B-', Outlook
Stable
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b-'
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'BB-(RUS)', Outlook
Stable
IBSP
-- Long-term foreign currency IDR: affirmed at 'B-', Outlook
Stable
-- Short Term IDR: affirmed at 'B'
-- Long-term local currency IDR: affirmed at 'B-', Outlook
Stable
-- Viability Rating: affirmed at 'b-'
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'BB-(rus)', Outlook
Stable
PSCB
-- Long-term foreign currency IDR: affirmed at 'B-', Outlook
Stable
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: affirmed at 'b-'
-- Individual Rating: affirmed at 'D/E'
-- Support Rating: affirmed at '5'
-- Support Rating Floor: affirmed at 'No Floor'
-- National Long-term rating: affirmed at 'BB(rus)', Outlook
Stable
=========
S P A I N
=========
AYT CAIXANOVA: Moody's Assigns '(P)B3' Rating to Series C Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to four series of Notes issued by AyT Caixanova FTPYME 1,
Fondo de Titulizacion de Activos :
-- EUR70.2M Series T Notes, Assigned (P)Aaa (sf)
-- EUR73.8M Series A Notes, Assigned (P)Aaa (sf)
-- EUR30M Series B Notes, Assigned (P)Aaa (sf)
-- EUR26M Series C Notes, Assigned (P)B3 (sf)
Ratings Rationale
AyT Caixanova FTPYME 1 is a securitization of loans originally
granted by Caixa de Aforros de Vigo, Ourense e Pontevedra
("Caixanova") to small-and medium-sized enterprises (SMEs) located
in Spain. The Servicer of the transaction is Caixa de Aforros de
Galicia, Vigo, Ourense e Pontevedra ("Novacaixagalicia") rated
Baa3/P-3, D+, Negative Outlook. This entity results from the
merger in December 2010 of Caja de Ahorros de Galicia with
Caixanova. Ahorro y Titulizacion S.G.F.T., S.A. ("AyT") is the
Management Company.
The transaction closed in December 2008 and was initially not
rated by Moody's. The initial notes balance issued at closing
amounted to EUR200 million. The outstanding notes balance as of
the last payment date in March 2011 amounts to EUR101.86 million.
Series T benefits from a guarantee provided by the Government of
Spain (Aa2/(P)P-1, under review for Possible Downgrade) for
interest and principal payments. The expected loss associated with
series T notes is consistent with a Aaa(sf) rating on a stand-
alone basis (without the benefit of the guarantee).
Moody's rating analysis of the notes is based on the transaction
structure after the last payment date in March 2011. The next
payment date will take place in September 2011.
The pool of underlying assets was, as of April 2011, composed of a
portfolio of 589 contracts (originated between 1998 and 2008),
granted to 525 obligors located in Spain. The Portfolio has a
weighted average seasoning of 4.3 years and a weighted average
remaining term of 5.1 years. All the figures are calculated on the
outstanding amounts of loans with arrears less than 12 months.
According to Moody's, this deal benefits from several credit
strengths including the following: (i) a relatively low
concentration in the Building and Real Estate industry sector for
the Spanish market (around 13% in the pool according to Moody's
industry classification), (ii) 98.1% of the loans are fully
amortizing and (iii) a strong swap is in place paying 6m Euribor
plus a 0.70% spread.
Moody's notes that the transaction features some credit
weaknesses, notably: (i) the low granularity of the portfolio of
loans (with an effective number of 181) and (ii) the exposure to
commingling risk mitigated somewhat by the fact that the servicer
transfers collections daily to the Treasury account in the name of
the SPV.
These characteristics were reflected in Moody's analysis and
ratings, where several sensitivities tested the available credit
enhancement and reserve fund (as of April 2010) to cover potential
shortfalls in interest or principal envisioned in the transaction
structure.
Moody's analysis focused primarily on (i) an evaluation of the
underlying portfolio of loans; (ii) historical performance
information and other statistical information; (iii) the credit
enhancement provided by the swap spread, the cash reserve and the
subordination of the notes.
The resulting key assumptions of Moody's analysis for this
transaction are a mean default rate of 18% with a coefficient of
variation of 33% and a stochastic mean recovery rate of 35%.
The principal methodology used in this rating was Refining the ABS
SME Approach: Moody's Approach to Rating CDOs of SMEs in Europe
published in February 2007.
Other methodology used in this rating was Moody's Approach to
Rating Granular SME Transactions in Europe, Middle East and Africa
published in June 2007.
As mentioned in the methodology, Moody's used in combination its
CDOROM model (to generate the default distribution) and ABSROM
cash-flow model to determine the potential loss incurred by the
notes under each loss scenario. In parallel, Moody's also
considered non-modeled risks (such as counterparty risk).
The ratings address the expected loss posed to investors by the
legal final maturity of the notes (March 2030). In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal on Series T, A, B and C at par on or
before the rated final legal maturity date. Moody's ratings
address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a
significant effect on yield to investors.
The V Score for this transaction is Medium/High, which is in line
with the score assigned for the Spanish SME sector and
representative of the volatility and uncertainty in the Spanish
SME sector. V-Scores are a relative assessment of the quality of
available credit information and of the degree of dependence on
various assumptions used in determining the rating. For more
information, the V-Score has been assigned according to the report
" V Scores and Parameter Sensitivities in the EMEA Small-to-Medium
Enterprise ABS Sector" published in June 2009.
Moody's also ran sensitivities around key parameters for the rated
notes. For instance if the recovery rate of 35% was changed to
25%, the model-indicated rating for the Series T and A Notes would
remain Aaa while the rating for the Series B and C Notes would
change respectively from Aaa to Aa2 and from B3 to Caa1.
Additionally, if the assumed default probability of 18 % used in
determining the initial rating was changed to 26% and the recovery
rate of 35 % was changed to 15%, the model-indicated rating for
the Series T and A Notes would remain Aaa while the rating for the
Series B and C Notes would change respectively from Aaa to Baa3
and from B3 to Ca.
CABLEUROPA S.A.U.: Moody's Upgrades 'B2' CFR; Outlook Stable
------------------------------------------------------------
Moody's Investors Service has upgraded to B2 from B3 the corporate
family rating (CFR) and probability of default rating (PDR) of
Cableuropa, S.A.U. ("ONO"). Moody's has also upgraded to B1 from
B2 the rating on the EUR1 billion (including the recent EUR300
million tap bond offering) worth of senior secured notes due in
2018 issued by Nara Cable Funding Limited. Concurrently, Moody's
has also upgraded to Caa1 from Caa2 the ratings on the EUR295
million and US$225 million worth of senior unsecured notes due in
2019 issued by ONO Finance II Plc. The outlook on all ratings is
stable.
This rating action concludes the review for possible upgrade,
which Moody's initiated on July 5, 2011.
Ratings Rationale
"The ratings upgrade reflects the successful completion of the
EUR300 million senior secured notes add-on offering, as well as
the company's resilient performance in Q2 2011, which supports the
expectation that full year performance will be in line with
Moody's forecasts for the company," says Ivan Palacios, a Moody's
Vice President -- Senior Analyst and lead analyst for ONO.
"The completion of the EUR300 million add-on bond offering is a
small, but positive step in the right direction of extending the
company's debt maturity profile and progressively reducing the
refinancing wall in 2013," adds Mr. Palacios. The debt maturity
wall in 2013-14 stands at EUR2 billion, still a large amount, but
well below the EUR3.5 billion that the company had one year ago.
In Moody's view, this substantial effort of bringing down the debt
maturity wall will help the company ease the refinancing of the
remaining amounts outstanding under its senior bank facility.
The ratings upgrade also reflects the company's resilient
operating performance in spite of the macroeconomic pressures. In
Q2 2011, the company reported flat revenue growth, as compared to
revenue declines year-on-year over the previous 3 years, and an
EBITDA of EUR187 million, up 6.3% vs Q2 2010. The improvement in
EBITDA has allowed the company to report Net leverage (as reported
by ONO and unadjusted by Moody's) of 4.7x, down from 5.1x a year
ago.
Moody's believes that ONO will be able to maintain the positive
momentum by further improving its triple-play penetration (cable,
internet and telephone services), helped by its technologically
advanced networks and new product offerings such as TiVo.
The outlook is stable in the expectation that ONO will deliver on
its business plan with no deterioration in its financial profile.
Further upward pressure on the rating will hinge on the company's
ability to successfully refinance the circa EUR2 billion of
outstanding amounts under the senior credit facilities on
affordable terms, while continuing with the deleveraging efforts,
such that Debt/EBITDA (as adjusted by Moody's) trends below 5x and
the company generates growing positive free cash flow. However,
Moody's notes that further weakening of the macroeconomic
environment in Spain could constrain upward pressure on the
rating.
Following the action, Moody's does not expect negative pressure to
be exerted on the rating in the near term. However, downward
rating pressure could arise as a result of (i) a failure by ONO to
deliver operational performance that is in line with Moody's
estimates; (ii) the re-emergence of liquidity concerns, if ONO
fails to proactively address the refinancing of its 2013 debt
maturities; or (iii) a material deterioration of the macroeconomic
environment in Spain.
Principal Methodology
The principal methodology used in rating Cableuropa S.A.U. was the
Global Cable Television Industry Methodology published in July
2009. Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.
Headquartered in Madrid, Cableuropa, S.A.U. (ONO) is Spain's
largest cable operator and leading alternative provider of
telecommunications, broadband and internet and pay-TV services. It
is the only cable operator with national coverage. In FY 2010, ONO
reported revenues of around EUR1.5 billion and EBITDA of EUR725
million.
CAIXA PENEDES: Fitch Affirms Rating on Class C Notes at 'CCCsf'
---------------------------------------------------------------
Fitch Ratings has affirmed Caixa Penedes PYMES 1 TDA, FTA's notes:
-- EUR246,778,000 Class A notes (ES0357326000): affirmed at
'AAsf'; Outlook revised to Stable from Negative
-- EUR44,600,000 Class B notes (ES0357326018): affirmed at
'BBsf'; Outlook revised to Stable from Negative
-- EUR19,400,000 Class C notes (ES0357326026): affirmed at
'CCCsf', assigned a Recovery Rating of 'RR3'
The affirmation reflects the granularity of the portfolio and the
level of credit enhancement provided by subordination, combined
with a fully funded reserve fund and the view on potential high
recoveries due to the low loan-to-value ratios (LTV). In Fitch's
view, these factors will provide sufficient protection to the
different classes after analyzing the deal's potential risks.
The transaction continues to structurally de-leverage. The
portfolio has decreased to 39% of its initial balance. Currently,
25 loans are in default (loans in arrears for more than 18
months), accounting for 1.26% of the outstanding portfolio balance
and 0.49% on the original balance. However, defaulted loans have
been provisioned for by allocating waterfall proceeds to the
amortization of the notes.
The level of delinquencies over 90 days is 2.7% with 1.9% of
delinquencies over 180 days. The notes benefit from a 95% mortgage
collateral cover based on first-lien mortgages and low weighted
average LTV at 44.6%, which has decreased from closing.
This transaction is a cash flow securitization of a static pool of
EUR790 million of loans to Spanish small and medium enterprises
granted by Caixa d'Estalvis del Penedes (Caixa Penedes), now part
of part of Banco Mare Nostrum Group ('BBB+'/Stable/'F2' ). The
issuer is represented by Titulizacion de Activos SGFT, SA (the
Sociedad Gestora), a securitization fund management company
incorporated under the laws of Spain.
Fitch has assigned an Issuer Report Grade (IRG) of one star
("poor") to the publicly available reports on the transaction. The
reporting is accurate and timely and contains detailed information
on delinquencies, defaults, and liabilities. The limitation of the
IRG to one star is due to the lack of information in the investor
report on complete reserve fund amortization conditions and the
rating triggers for the transaction's counterparties. The report
consists of four files in different formats with different
information and varying degrees of clarity, making it difficult to
extract key performance information.
CM BANCAJA 1: Fitch Affirms Rating on Class E Notes at 'CCsf'
-------------------------------------------------------------
Fitch Ratings has affirmed CM Bancaja 1, FTA's notes:
-- EUR48,531,004 Class A (ISIN ES0379349006) affirmed at
'AAAsf'; Outlook Stable
-- EUR21,928,201 Class B (ISIN ES0379349014) affirmed at 'Asf';
Outlook revised to Stable from Negative
-- EUR14,040,982 Class C (ISIN ES0379349022) affirmed at
'BBsf', Outlook revised to Stable from Negative
-- EUR13,174,254 Class D (ISIN ES0379349030) affirmed at 'Bsf',
Outlook Negative
-- EUR13,828,833 Class E (ISIN ES0379349048) affirmed at
'CCsf'; assigned Recovery Rating of 'RR3'
The affirmation reflects the level of credit enhancement given by
subordination, which goes up to 62.9% for the senior tranches,
combined with the solid performance of the underlying borrowers
and the view on potential high recoveries due to the low loan-to-
value ratios (LTV). Fitch considers these factors will provide
sufficient protection to the different classes after analyzing the
deal's potential risks.
The Negative Outlook on the class D notes reflects the extremely
high obligor concentration risk for a small and medium enterprises
(SME) transaction, with the biggest obligor accounting for 12.5%
of the pool and the top 10 for nearly half of the portfolio, as
well as a fairly high industry concentration in the real estate
sector, exposing the tranche repayment to the successful
realization of recovery proceeds in case of the default of top
obligors.
As the proceeds of the Class E notes were used to fund the reserve
fund (RF), the 'CCsf' rating, together with the 'RR3' rating
represent the likelihood of it being repaid at maturity. The RF is
currently not at its required amount but is building up again. If
this continues, combined with delinquencies remaining low, it will
be allowed to amortize to an absolute floor of EUR5.6m, therefore
reducing the available credit enhancement for all the tranches.
The transaction continues to structurally de-leverage. The
portfolio decreased to 18% of its initial balance. Currently, five
loans are in default (loans in arrears for more than 18 months),
accounting for 3.53% of the outstanding portfolio balance and
0.62% of the original balance. However, defaulted loans have been
provisioned for by allocating waterfall proceeds to the
amortization of the notes.
The level of delinquencies over 90 days stands at 0.76% with no
delinquencies over 180 days. The notes benefit from a 100%
mortgage collateral cover, of which nearly 90% are first-lien
mortgages, and a low weighted average LTV at 43.4% which has
decreased significantly since closing.
This transaction is a cash flow securitization of a static pool of
EUR540 million across 175 loans to Spanish SMEs granted by Caja de
Ahorros de Valencia Castellon y Alicante (Bancaja, now part of
Bankia S.A.U., rated 'A-/Stable/F2). The issuer is represented by
Titulizacion de Activos SGFT, SA (the Sociedad Gestora), a
securitization fund management company incorporated under the laws
of Spain.
Fitch has assigned an Issuer Report Grade (IRG) of one star
("poor") to the publicly available reports on the transaction. The
reporting is accurate and timely and contains detailed information
on delinquencies, defaults, and liabilities. The limitation of the
IRG to one star is due to the lack of information in the investor
report on complete reserve fund amortization conditions and the
rating triggers for the transaction's counterparties. The report
consists of four files in different formats with different
information and varying degrees of clarity, making it difficult to
extract key performance information.
EMPRESAS 1: Fitch Affirms Rating on Series E Notes at 'Bsf'
-----------------------------------------------------------
Fitch Affirms TDA SA Nostra Empresas 1, FTA's Notes
Fitch Ratings-London-02 August 2011:
Fitch Ratings has affirmed TDA SA Nostra Empresas 1, FTA:
-- EUR48,153,146 Series A (ISIN:ES0377969003): affirmed at
'AAAsf', Outlook Stable
-- EUR22,528,618 Series B (ISIN:ES0377969011): affirmed at
'Asf', Outlook Stable
-- EUR12,616,026 Series C (ISIN:ES0377969029): affirmed at
'BBB-sf', Outlook Stable
-- EUR12,435,797 Series D (ISIN:ES0377969037): affirmed at
'BB-sf', Outlook Stable
-- EUR5,650,695 Series E (ISIN:ES0377969045): affirmed at
'Bsf', Outlook Stable
The affirmation reflects the high credit enhancement levels due to
structural deleveraging and stable transaction performance. The
90+ delinquency rate, as of July 11, 2011 is at 1.9% of the
outstanding balance. The reserve fund is at the required level and
the transaction has had no defaults since closing. Fitch believes
these factors will provide sufficient protection to the rated
notes in case of potential deterioration in the portfolio.
The transaction shows high regional, industry and obligor
concentrations. 90% of the pool is in the Balearics and 66.5% of
the total outstanding is exposed to the lodging/real estate and
utilities industries. Moreover, the largest obligor represents
4.21% of the outstanding balance (top 10: 33.9% and top 20:
51.6%). Fitch considers that these concentrations could impact the
credit quality of the transaction. However, the low LTV ratio and
the significant first-lien mortgage collateral of 67.5% of the
outstanding balance, coupled with the high levels of credit
enhancement is considered sufficient to mitigate this risk.
The transaction is a securitization of a static pool of secured
and unsecured loans originated by Caja de Ahorros y Monte de
Piedad de Las Baleares (Sa Nostra) and granted to small and
medium-sized enterprises.
TDA SA NOSTRA EMPRESAS 1 Fondo de Titulizacion de Activos is the
first single-seller SME securitization transaction originated by
Sa Nostra. The issuer is legally represented and managed by TDA, a
limited liability special purpose management company incorporated
under the laws of Spain.
Fitch has assigned an Issuer Report Grade (IRG) of One Star to
reflect its "poor" investor reporting. Fitch notes that the
investor reports provide sufficient details regarding the key
features of the deal and its structure on a monthly basis, but
lack information concerning the counterparties involved in the
transaction.
EMPRESAS 2: Fitch Affirms Rating on Series D Notes at 'Bsf'
-----------------------------------------------------------
Fitch Affirms TDA SA Nostra Empresas 2, FTA's Notes
Fitch Ratings-London-02 August 2011:
Fitch Ratings has affirmed TDA SA Nostra Empresas 2, FTA's notes:
-- EUR105,680,322 Series A (ISIN:ES0377957008): affirmed at
'AAAsf', Outlook Stable
-- EUR50,400,000 Series B (ISIN:ES0377957016): affirmed at
'Asf', Outlook Stable
-- EUR36,500,000 Series C (ISIN:ES0377957032): affirmed at
'BBsf', Outlook Stable
-- EUR10,400,000 Series D (ISIN:ES0377957024): affirmed at
'Bsf', Outlook Stable
The affirmation reflects the rated notes' high credit enhancement
(CE) levels and stable transaction performance. At 0.2% of the
outstanding balance, defaults continue to be low and stable while
3.3% of loans are overdue by more than 90 days. The reserve fund
is close to the minimum required amount.
The ratings are subject to the issuer taking remedial action to
mitigate counterparty risk related to the reinvestment account.
The reserve fund is deposited in the reinvestment account, held at
Caja de Ahorros y Monte de Piedad de Las Baleares (Sa Nostra;
'BBB+'/Stable/'F2') which is ineligible for this role, therefore
Banco Popular was appointed as guarantor for the reinvestment
account. However, following Fitch's downgrade of Banco Popular to
'A-'/'F2' it is no longer an eligible counterparty as a guarantor.
The manager and trustee of the transaction (TDA), has informed
Fitch that the issuer has contacted Confederacion Espanola de
Cajas de Ahorros (CECA; 'A+'/Negative/'F1') to become the
guarantor of the reinvestment account.
The transaction shows high regional concentration: 91% of the pool
is in the Balearics and 45% of the total outstanding is exposed to
the real estate and lodging industries. Moreover, 42% of the
outstanding balance represents loans granted to self-employed
individuals. Fitch considers these concentrations could expose the
transaction to the risk of systemic shocks. However, the agency
draws comfort from the high security coverage, high CE levels and
collateral characteristics.
The transaction involves the securitization of a static pool of
secured and unsecured loans originated by Sa Nostra and granted to
small and medium-sized enterprises and self-employed individuals.
This is the second standalone SME securitization from Sa Nostra.
The issuer is legally represented and managed by TDA, a special-
purpose management company with limited liability incorporated
under Spain's laws.
Fitch has assigned an Issuer Report Grade (IRG) of One Star to
reflect its "poor" investor reporting. Fitch notes that the
investor reports provide sufficient details on a monthly basis
regarding the key features of the deal and its structure, but lack
information concerning the counterparties involved in the
transaction.
FONCAIXA FTPYME 1: Fitch Affirms Rating on Class C Notes at 'BBsf'
------------------------------------------------------------------
Fitch Ratings has upgraded one and affirmed three tranches of
Foncaixa FTPYME 1, FTA, which contains SME loans originated and
serviced in Spain by CaixaBank, S.A. (previously known as Caixa
d'Estalvis i Pensions de Barcelona (la Caixa), 'A+'/Stable/'F1').
The rating actions are:
-- Class A3(G) notes (ISIN ES0337803029): affirmed at 'AAAsf';
Stable Outlook
-- Class A3(S) notes (ISIN ES0337803037): affirmed at 'AAAsf';
Stable Outlook
-- Class B notes (ISIN ES0337803045): upgraded to 'AAsf' from
'A+sf'; Stable Outlook
-- Class C notes (ISIN ES0337803052): affirmed at 'BBsf';
Outlook revised to Stable from Negative
The upgrade of the class B notes and the affirmation of the other
notes' ratings address the adequate credit enhancement (CE)
available for the notes and the performance of the portfolio. The
CEs for class A, B and C notes is 80.4%, 19.7% and 7.2%,
respectively, while the estimated mean default and recovery rates
are 18.5% and 73.0% respectively.
Fitch was provided with a recent portfolio with information on a
loan-by-loan basis, which the agency used to simulate the various
rating stresses within its Portfolio Credit Model (PCM), Fitch's
primary tool in assessing the default and loss rates for SME CLO
portfolios. 98% of the current portfolio balance is secured on
real estate assets that come with a moderate LTV of c.35%, which
resulted in a significant recovery rates across all rating
stresses. The portfolio does not contain obligor concentration as
the top obligor represents 1.1% of current portfolio balance and
the top 10 represent 5%.
Due to the quick deleveraging of the underlying loans, the pool
factor stands just below the 10% threshold which can trigger a
clean up call option in favor of Gesticaixa, the management
company of the securitization fund.
Despite the challenging macroeconomic scenario in Spain for the
past three years, the transaction has reported low levels of loans
in arrears by more than three months, with an average of 2.7% of
the pool's outstanding balance over the past 12 months. To date,
cumulative defaults have been negligible, reaching 0.3% of the
initial collateral balance. The transaction benefits from a
guaranteed excess spread provided by the swap agreement of 0.75% a
year, which is used to provision for defaulted loans. Defaults in
this transaction are defined as loans in arrears over 18 months.
The reserve fund is currently EUR4.5m (or 0.75% of initial
collateral balance and 7.2% of the current aggregate notes
balance) and has been funded to its required level on all payment
dates since the closing date in 2003.
All classes of notes are redeemed sequentially while the class
A3(G) and A3(S) are pari passu. Consequently, the class B and C
notes have not amortized since the closing date.
The transaction has a high degree of counterparty exposure to
CaixaBank S.A., which is the collateral servicer, bank account and
swap provider. However, exposure to CaixaBank S.A. is mitigated by
CaixaBank's credit profile, the counterparty triggers incorporated
within the transaction documents and the daily sweep of collateral
collections into the issuer's bank's accounts.
Fitch assigned an Issuer Report Grade (IRG) of two stars ("Basic")
to the investor reports of the transaction. This IRG reflects the
absence of reporting items considered important by Fitch such as
details on recovery cash flows, LTV breakdowns of real estate
security and obligor concentrations. The Issuer Report Grade scale
is 1-5, with the highest possible grade being 5.
FTPYME BANCAJA: Fitch Affirms Ratings on Class D Notes at 'CCCsf'
-----------------------------------------------------------------
Fitch Ratings has affirmed FTPYME Bancaja 3, FTA; PYME Bancaja 5,
FTA; and FTPYME Bancaja 6.
The affirmation of FTPYME Bancaja 3 is supported by the high CE
available to the notes and the improved performance of the
portfolio. Loans over 90 days in arrears have declined to 2.2%
from 6.7% at the time of the last review. Similarly, in the past
12 months the transaction has started to see increased recovery
inflows, which allowed the principal deficiency ledger (PDL)
balance to decline to EUR1.3m from a peak of EUR1.6m in December
2010.
The affirmation of PYME Bancaja 5 is supported by a build-up of CE
available to the class A3 notes as well as an improvement in
collateral performance. Loans over 90 days in arrears have
declined to 6.6% of the portfolio balance from 9.1% at the time of
the last review. The Negative Outlook on the Class B notes
reflects the sensitivity of this class to the increasing obligor
concentration in the portfolio and the exposure to the real estate
industry among the top obligors. There are currently 65 obligors,
each representing more than 50bp of portfolio volume.
Fitch has upgraded FTPYME Bancaja 6's class A2 notes based a
significant improvement in collateral performance and increased CE
available to the notes. While still high, the proportion of loans
over 90 days in arrears has declined to 7.3% of the portfolio
balance, compared to 10.2% as at the last review. The rating of
the class A3(G) notes is credit-linked to the rating of the
Kingdom of Spain ('AA+'/Negative/'F1+'). Fitch has affirmed the
class C notes at 'CCsf' as the notes' CE provides weak protection
against the rising obligor concentration in the portfolio, making
a default appear probable. The class D notes, backed by the
reserve fund (RF), have been affirmed at 'Csf'. Fitch views a full
replenishment of the RF before the end of the transaction as
highly unlikely, making a default of the Class D notes largely
inevitable.
FTPYME Bancaja 3, FTA; PYME Bancaja 5, FTA; and FTPYME Bancaja 6,
FTA, are cash-flow securitizations of loans granted to Spanish
small and medium enterprises (SMEs) by Caja de Ahorros de
Valencia, Castellon y Alicante (Bancaja; rated 'A-'/Stable/'F2').
Fitch has assigned an Issuer Report Grade of two stars ("Basic")
to the reports of all three transactions. This IRG reflects the
absence of several reporting items considered important by Fitch
(ie reporting of counterparty rating triggers).
The rating actions are:
FTPYME Bancaja 3, FTA
-- EUR45.1m Class A3(G) (ISIN ES0304501028): affirmed at
'AAAsf', Outlook Stable
-- EUR12.4m Class B (ISIN ES0304501036): affirmed at 'AAsf',
Outlook Stable
-- EUR20.0m Class C (ISIN ES0304501044): affirmed at 'Bsf',
Outlook Stable
-- EUR8.2m Class D (ISIN ES0304501051): affirmed at 'CCCsf';
Recovery Rating is 'RR3'
PYME Bancaja 5, FTA
-- EUR95.7m Class A3 (ISIN ES0372259020): affirmed at 'AAAsf';
Outlook Stable
-- EUR62.7m Class B (ISIN ES0372259038): affirmed at 'BBBsf';
Outlook Negative
-- EUR24.1m Class C (ISIN ES0372259046): affirmed at 'CCCsf';
Recovery Rating is 'RR3'
-- EUR28.8m Class D (ISIN ES0372259053): affirmed at 'Csf';
'RR6'
FTPYME Bancaja 6, FTA
-- EUR118.1m Class A2 (ISIN ES0339735013): upgraded to 'Asf'
from 'BBBsf'; Outlook Stable
-- EUR70.6m Class A3(G) (ISIN ES0339735021): affirmed at
'AA+sf'; Outlook Negative
-- EUR47.5m Class B (ISIN ES0339735039): affirmed at 'CCCsf';
Recovery Rating is 'RR3'
-- EUR22.5m Class C (ISIN ES0339735047): affirmed at 'CCsf';
'RR5'
-- EUR27.0m Class D (ISIN ES0339735054): affirmed at 'Csf';
'RR6'
FTPYME SABADELL: Fitch Affirms 'BBsf' Rating on Class 3SA Notes
---------------------------------------------------------------
Fitch Ratings has affirmed FTPYME Sabadell 2, FTA's notes and
revised the Outlook for the class 2SA note to Stable from
Negative:
-- EUR21,407,412 Class 1CA (ISIN:ES0339844005): affirmed at
'AAAsf', Outlook Stable
-- EUR29,010,959 Class 1SA (ISIN:ES0339844013): affirmed at
'AAAsf', Outlook Stable
-- EUR10,147,592 Class 2SA (ISIN:ES0339844021): affirmed at
'BBBsf', Outlook revised to Stable from Negative
-- EUR7,079,715 Class 3SA (ISIN:ES0339844039): affirmed at
'BBsf', Outlook Negative
The affirmation reflects the high credit enhancement levels due to
the notes' amortization, the fully funded reserve fund and the
transaction improving performance.
Default levels have increased to EUR4.7 million from EUR3.2
million since the last rating action in November 2009. However,
they have been decreasing since November 2010 when they peaked at
1.3% of the original balance at EUR6.3 million. As of the June
2011 trustee report, defaults represented 0.94% of the original
balance. 90+ delinquencies have decreased since the last rating
action in November 2009 and currently represent 0.06% of the
original balance. The transaction is amortizing pro rata based on
the amortization triggers. However, it will turn to sequential
once the total notes' balance reaches 10% of their total original
balance. (As of the June report, it stood at 13.5%).
The Kingdom of Spain ('AA+'/Negative/'F1+') guarantees the timely
payment of interest and principal for the class 1CA note. However,
the high credit enhancement is sufficient to withstand the Fitch's
'AAA' default probability and recovery assumptions with a
significant cushion.
The Negative Outlook for the class 3SA note reflects the
transaction's significant exposure to real estate (25%), large
obligor concentration and the high regional concentration (34% in
the region of Barcelona).
The transaction represents a cashflow securitization of loans to
small and medium sized Spanish enterprises (SMEs) granted by Banco
de Sabadell ('A-'/Negative/'F2').
FTPYME TDA SABADELL 2 is a special purpose vehicle, incorporated
under the laws of Spain, with limited liability. Its sole purpose
was to acquire a portfolio of loans from Banco de Sabadell as
collateral for the issuance of fixed-income securities. The assets
of the fund were acquired by Titulizacion de Activos, S.G.F.T.,
S.A. (the Sociedad Gestora) on behalf of FTPYME TDA SABADELL 2.
The Sociedad Gestora is a special purpose management company with
limited liability incorporated under the laws of Spain.
Following Banco de Sabadell's downgrade to 'A-'/'F2' by Fitch,
Banco de Sabadell signed a subrogation agreement with Banco
Santander ('AA-'/Stable/'F1+') on July 21, 2011, based on which
Banco Santander will replace Banco Sabadell from August 1, 2011 in
all financial counterparty roles of this transaction.
RURALPYME 2: Fitch Affirms Rating on Class D Notes at 'CCsf'
------------------------------------------------------------
Ratings has upgraded Ruralpyme 2 FTPYME, FTA's class A1 and A2(G)
notes and affirmed the class B, C and D notes.
The upgrade of the senior notes reflects increased credit
enhancement (CE) levels due to structural deleveraging and
significant portfolio seasoning. The transaction's performance has
stabilized and senior notes are able to withstand Fitch's
stresses. The rating actions follow Fitch's annual review of the
transaction.
The portfolio has amortized down to 32% of its initial balance. As
of June 2011, the 90+ delinquency rate reduced to 4.1% from a peak
of 7.8% in April 2010. The transaction has an 18-month default
definition with the 12-18 month delinquency rate having receded to
2% of the outstanding balance. Given the reduction in impairment
levels the transaction is unlikely to have a substantial increase
in defaults over the medium term. The reserve fund is below the
required minimum due to provisioning for defaulted loans.
The portfolio exhibits some industry concentration with 18% of the
portfolio exposed to the agriculture sector and 22% exposed to
industrial and manufacturing sectors. Obligor concentration is
steadily increasing with the top 20 obligors accounting for 15.9%
of the portfolio. CE for the class A1 and A2(G) notes has more
than doubled to 37.6% from 12.9% at closing, providing a robust
cushion against a potential deterioration of the portfolio. The
affirmation and Negative Outlooks on the class B and C notes
reflect concerns over industry and obligor concentration, their
subordinated positions in the capital structure and a potential
increase in delinquencies. The class D notes have been affirmed
due to the limited CE available. Furthermore, the proceeds from
the class D notes were used to fund the reserve fund at closing
and consequently the repayment of the notes is dependent upon the
level of the reserve fund.
Fitch's analysis included assumptions on the probability of
default (PD) and loss severity with regards to current
delinquencies as well as the performing portfolio. Fitch assumed a
PD for the assets commensurate with the delinquency rates of the
portfolio over the past 12 months. Delinquent loans were analyzed
with a higher PD depending on the time the loans have been in
arrears. Recoveries for loans secured by first-lien mortgages were
adjusted for market value stresses based on the agency's criteria.
Loans with second-lien mortgages and other types of collateral
were treated as unsecured.
Ruralpyme 2 FTPYME, FTA is a cash flow securitization of an
initial EUR593 million static pool of loans originated by 14
Spanish rural cooperative banks (cajas rurales) to small and
medium sized (SME) enterprises. 12 of the 14 originators/services
are unrated exposing the notes to a servicer disruption event.
However, Fitch believes the transaction has sufficient liquidity
to cover the class A1 and A2 interest at a stressed interest rate
in the event of a servicer disruption. The class A1 and A2 notes
are rated to timely interest and ultimate repayment of principal.
Fitch has assigned an Issuer Report Grade (IRG) of Two Stars to
the transaction reflecting the 'basic' investor reporting. Fitch
notes that the reporting format is consistent over time providing
details on account balances, impairments, prepayments, detailed
portfolio stratifications and cash flow summary.
The rating actions are:
-- EUR 85,235,422 class A1 notes (ISIN ES0374352005): upgraded
to 'AAAsf' from 'AAsf'; Outlook Stable
-- EUR 53,700,000 class A2(G) notes (ISIN ES0374352013):
upgraded to 'AAAsf' from 'AA+sf'; Outlook Stable
-- EUR 29,100,000 class B notes (ISIN ES0374352021): affirmed
at 'BBB+sf'; Outlook Negative
-- EUR 23,200,000 class C notes (ISIN ES0374352039): affirmed
at 'BB-sf'; Outlook Negative
-- EUR 24,500,000 class D notes (ISIN ES0374352047): affirmed
at 'CCsf' assigned Recovery Rating RR 4
TDA CAM 5: Fitch Affirms Rating on Class D Notes at 'Csf'
---------------------------------------------------------
Fitch Ratings has downgraded the senior tranches of Empresas
Hipotecario TDA CAM 3, Fondo de Titulizacion de Activos (TDA CAM
3) and Empresas Hipotecario TDA CAM 5, Fondo de Titulizacion de
Activos (TDA CAM 5) and affirmed the mezzanine and junior notes.
Both transactions are collateralized debt obligations (CDOs) of
loans to Spanish small- and medium-sized enterprise (SME)
originated by Caja de Ahorros del Mediterraneo (CAM, rated
'BB+'/Stable/'B'). The issuers are represented by Titulizacion de
Activos SGFT, SA (the Sociedad Gestora), a securitization fund
management company incorporated under the laws of Spain.
The downgrade and rating cap of TDA CAM 3's class A2 notes and TDA
CAM 5's class A2 and A3 notes are based on the risks deriving from
CAM's sub-investment grade rating of 'BB+' and the lack of a back-
up servicing agreement, namely commingling risk and payment
interruption risk. Both deals have drawn heavily on their reserve
funds (RF) over the life of the transactions to provision for
defaults, which is a clear sign of a weak performance and small
amount of available excess spread. While TDA CAM 3's RF is close
to the required amount, the transaction's portfolio has
significant obligor concentrations. A default of any of the
largest five obligors would mean the RF would be almost entirely
used to provision for the defaulted amount.
In Fitch's view, the available liquidity in both transactions to
mitigate payment interruption risk due to servicer interruption is
insufficient to support the timely payment of interest to the
notes. Consequently, Fitch has downgraded and capped the rating of
the notes for both transactions at 'Asf'. The rating of the notes
in both transactions addresses the ultimate payment of interest
and principal.
The affirmation of the mezzanine tranches reflects the level of
credit enhancement given by subordination, the building up of the
RFs and the view on potential high recoveries due to the low LTVs
resulting from a high mortgage collateral share. Fitch considers
that these factors will provide sufficient protection to the
mezzanine tranches after analyzing potential risks of the deals.
TDA CAM 5's class D notes were issued to fund the RF at closing
and its repayment is entirely dependent on the RF being fully
restored by the final maturity. Due to the high level of RF
erosion, coupled with the level of delinquencies observed and the
limited amount of excess spread in the transaction, Fitch deems
the full repayment of class D to be highly unlikely.
The transactions continued to structurally de-leverage. The
portfolios have decreased to 39.6% (TDA CAM 3) and 50.76% (TDA CAM
5) of their initial balance. The performance of the two deals
differ quite significantly, especially in terms of defaults (loans
in arrears for more than 18 months). TDA CAM 3 currently has 2% of
defaults, TDA CAM 5 has 4.7% and the difference is even wider when
comparing the same amount on the original balance as it would
result in 0.83% and 2.3%, respectively.
The level of delinquencies over 90 days is similar in both
transactions, standing at 2.2% and 2.4% although delinquencies
over 180 days are slightly higher in TDA CAM 3, at 1.1% against
0.5% of the TDA CAM 5, which has a more populated pipeline. The
notes benefit from high mortgage collateral cover, 90% and 100%,
and low weighted average LTVs at 37.4 and 47.5%, respectively.
Fitch has assigned an Issuer Report Grade (IRG) of one star
("poor") to TDA CAM 3 and affirmed the same IRG for the TDA CAM 5
to the publicly available reports on the transaction. The
reporting is accurate and timely and contains detailed information
on delinquencies, defaults, and liabilities. The limitation of the
IRG to one star is due to the lack of information in the investor
report on complete reserve fund amortization conditions and the
rating triggers for the transaction's counterparties. The report
consists of four files in different formats with different
information and varying degrees of clarity, making it difficult to
extract key performance information.
The rating actions are:
TDA CAM 3
-- EUR250,881,346 Class A2 (ISIN ES0330876014) downgraded to
'Asf' from 'AAsf'; revised Outlook to Stable from Negative
-- EUR29,300,000 Class B (ISIN ES0330876022) affirmed at
'BBBsf'; revised Outlook to Stable from Negative
-- EUR30,000,000 Class C (ISIN ES0330876030) affirmed at
'CCCsf', assigned a Recovery Rating of RR3
TDA CAM 5
-- EUR534,708,000 Class A2 (ISIN ES0330877012) downgraded to
'Asf' from 'A+sf'; affirmed Stable Outlook
-- EUR79,435,105 Class A3 (ISIN ES0330877020) downgraded to
'Asf' from 'A+sf'; affirmed Stable Outlook
-- EUR59,500,000Class B (ISIN ES0330877038) affirmed at 'BBsf',
revised Outlook to Stable from Negative
-- EUR45,500,000 Class C (ISIN ES0330877046) affirmed at
'CCCsf', assigned a Recovery Rating of RR3
-- EUR30,800,000 Class D (ISIN ES0330877053) affirmed at 'Csf',
assigned a Recovery Rating of RR6
===========
S W E D E N
===========
SAAB AUTOMOBILE: Pays Workers' Delayed Salary; Averts Bankruptcy
----------------------------------------------------------------
Johan Ahlander at Reuters reports that Saab Automobile staved off
a fresh bankruptcy threat on Friday by finding the money to pay
its workers, but its car production lines remained silent and its
long-term funding issues are still unresolved.
Fears over the survival of the 60-year-old firm, rescued from
closure early last year, have ebbed and flowed as owner Swedish
Automobile chases funding, Reuters relates. Its production line
has been closed since late April, Reuters notes.
On Friday, the company paid a delayed July salary to its 1,600
whitecollar workers, almost half the workforce, Reuters discloses.
This stopped unions from pursuing a bankruptcy application, the
report states.
"We still need to reach an agreement on a delivery plan with
suppliers," Reuters quotes spokeswoman Gunilla Gustavs as saying.
Ms. Gustavs repeated the company's view that production would not
start before Aug. 29 at the very earliest, Reuters cites.
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
===========================
CHOICES CARE: Goes Into Administration, Seeks Buyer for Business
----------------------------------------------------------------
Adam Morris at Edinburgh Evening News reports that Choices Care
has been partly sold off while administrators attempt to find a
buyer for about two-thirds of the firm's operations.
The administration has caused concern among the company's 140
staff, as well as adults with learning disabilities and their
families, according to Edinburgh Evening News. The report relates
that workers at the firm said rumors of the financial state of
Choices had been circulating since Christmas, and that they fully
expected redundancies.
However, administrator Zolfo Cooper said it was confident a
transition could be made without causing disruption to employees
or service users, Edinburgh Evening News discloses.
Choices Care works in three main areas of care.
The first of those care areas, where clients are supported to live
in their own homes, has been sold to Mears Care Scotland Ltd,
immediately safeguarding that element of the business, Edinburgh
Evening News relates.
A buyer is now being sought for the running of day centers, which
includes the 14-capacity An Carina facility in Polbeth, and its
domiciliary care arm, where intensive support is given to people
in their own house, Edinburgh Evening News notes.
"The key aspect in this process has been to ensure services
continue to be provided without interruption. We are extremely
pleased therefore to have agreed a swift sale of the supported
living business and wish all parties concerned well. Our focus is
very much on securing a suitable buyer for the remaining
businesses. We have already received a number of enquiries from
interested parties and would welcome further interest. In the
meantime we will ensure that service users experience no
disruption to the quality care they are accustomed to," Edinburgh
Evening News quoted Peter Holder, a partner at Zolfo Cooper, as
saying.
Choices Care is a major care provider in the Lothians. It works
with people across the south of Scotland and north of England.
COLT GROUP: Moody's Affirms 'Ba3' CFR; Outlook Changed to Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed Colt Group SA's Ba3
corporate family (CFR) and probability-of-default (PDR) ratings
and has changed the ratings outlook of Colt to stable from
positive.
Moody's decision to change Colt's outlook to stable is based on:
(i) the weaker than expected operating performance of the company
with recovery in top-line likely only towards the end of 2011;
(ii) the negative free cash flow generation during H1 2011
resulting from increased capex and temporary working capital
outflows; and (iii) the lack of clarity over the company's medium-
term capital structure and on its shareholder remuneration policy.
After registering a decline of -2.4% in 2010 over 2009, Colt's
revenues fell by -3.5% (year-on-year) in H1 2011. The decreasing
voice revenues (-9% in 2010; -11% in H12011) which were in
particular negatively impacted by the 50% cut in mobile
termination rates introduced in Germany at the end of 2010, have
been fuelling the overall revenue declines. Against deteriorating
voice revenues, Colt recorded only modest revenue growth in its
Data and Managed Services business. Data revenues grew only by 1%
in H12011 and Managed Services improved only marginally by 4.3%
due to company's planned exit of lower margin co-location
services. While macro-economic conditions in Europe remain
challenging, Moody's notes that Colt is expecting incremental
growth only in the latter part of 2011.
In contrast, Colt's EBITDA margins have remained largely stable,
supported by an increasing proportion of higher-margin revenue
from the Data and Managed Services division and efficient cost
control. The company reported steady EBITDA margin in H1 2011 of
20.5% (compared to 19.9% in H12010). Going forward, Moody's
expects Colt's EBITDA margin to remain supported by the gradually
improving revenue mix for the company.
Moody's notes that despite the pressure on revenues, Colt has been
investing into the business to position it for future growth
opportunities. The company is working towards repositioning the
Colt brand with a view to become Europe's leading information
delivery platform via being an integrated computing and network
service provider. In H1 2011 Colt has (i) largely completed its
business re-organization ; (ii) continued investing in its modular
data centre program; (iii) made investments in its internal IT
systems and processes to support cloud services as well as in
network extensions to high bandwidth usage sites such as data
centres. While Moody's would expect these investments to enhance
the revenue growth potential at Colt over the medium term, Moody's
stable ratings outlook reflects Colt's still lagging recovery on
revenues in the backdrop of a challenging economic environment.
The increased investments into the business led to a significantly
higher capex requirement for Colt in H1 2010. The company reported
a year-on-year increase of 47.2% in capex to EUR152.6 million in
H1 2011. The cash outflows on capex in H1 2011 combined with a
EUR56.6 million working capital outflows (excluding outflows
towards other provisions) and EUR13.3 million of cash payments
towards company's restructuring program resulted in negative free
cash flow generation (as reported by Colt) of EUR68.8 million.
While Moody's would expect the working capital outflows to
normalize in H2 2011, the company's capex in 2011 is expected to
be higher than 2010 level of EUR232 million. This is likely to
result in constrained free cash flow generation for Colt in 2011,
in Moody's opinion. The agency notes that Colt is currently
continuing to seek property to support its data centre business
which may lead to increased capex over the short to medium term,
depending on the availability of suitable sites. As the company
focuses on expanding its data centre business, its capex profile
is likely to become more front-loaded and to an extent less
success based in Moody's opinion.
Colt had EUR231 million worth of cash and cash equivalents
(including deposits classified as current asset investments) as of
June 30, 2011. Moody's expects this, together with internally
generated cash flows, to provide the company with sufficient
capacity to meet its current operational needs. However, in
Moody's opinion, Colt may need to arrange for appropriate funding
based on its medium-term growth investment requirements (including
additional capex and/or add-on acquisitions).
At December 31, 2010, Colt had no financial debt outstanding and
its Gross debt/EBITDA ratio (as calculated by Moody's) of 1.8x
reflected Moody's adjustment for operating leases. The ratings
assume that the company's capital structure will incorporate some
financial debt over time.
The ratings are likely to be negatively impacted if Colt's FCF
generation, EBITDA margin growth or revenue growth from its Data
and Managed Services business turns materially negative on a
sustained basis. Pressure would be exerted on the ratings if the
company's Gross Debt/ EBITDA (as calculated by Moody's) increased
towards 3.5x.
Positive ratings pressure could develop: (i) as the returns to
positive overall organic revenue growth and continues to generate
good EBITDA margins supported by its growing Data and Managed
Services business; (ii) exhibits a commitment to maintain its
gross leverage solidly below 2.5x (as adjusted by Moody's); and
(iii) continues to make investments in growing its Managed
Services business in particular, while remaining focused on FCF
generation (as defined by Moody's).
The principal methodology used in rating Cable and Wireless
Communications Plc was the Global Telecommunications Industry
Methodology published in December 2010. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.
Colt Group S.A. is one of the leading alternative telecoms
providers in the UK and Europe, offering high-bandwidth data,
voice business communications and integrated IT managed solutions
to businesses and governmental organizations. In 2010, the company
generated revenues of EUR1.58 billion and reported EBITDA of
EUR330.2 million.
DECO 8: Fitch Affirms Rating on Class G Notes at 'Dsf'
------------------------------------------------------
Fitch Ratings has affirmed DECO 8 - UK Conduit 2 plc's commercial
mortgage-backed notes:
-- GBP133.6m class A1 (XS0251885603): affirmed at 'AAAsf';
Outlook Stable
-- GBP255.8m class A2 (XS0251886163): affirmed at 'BBB-sf';
Outlook Negative
-- GBP32.3m class B (XS0251886833): affirmed at 'BBsf'; Outlook
Negative
-- GBP33.9m class C (XS0251887211): affirmed at 'B+sf'; Outlook
Negative
-- GBP23.4m class D (XS0251887724): affirmed at 'Bsf'; Outlook
Negative
-- GBP60.9m class E (XS0251889696): affirmed at 'CCsf';
assigned Recovery Rating 'RR4'
-- GBP14.2m class F (XS0251890199): affirmed at 'CCsf';
assigned Recovery Rating 'RR6'
-- GBP4.4m class G (XS0251890868): affirmed at 'Dsf'; assigned
Recovery Rating 'RR6'
The affirmation is driven by the broadly stable loan performance
over the past year. Since the last rating action, all three
properties backing the Challenge and Wrencote loan have been sold
at a significant loss, as expected. The loss will be allocated
reverse sequentially to the notes, resulting in a further partial
write-down of the class G note balance. While the loss should not
be allocated until the October 2011 interest payment date (IPD),
it is already reflected in the 'Dsf' rating.
The largest loan in the portfolio (Lea Valley, accounting for
39.5%) is asset management intensive due to the short-term nature
of the leases and the condition of the collateral. The loan was
restructured in July 2010 and while no asset disposals have
occurred to date, the asset managers have been successful in
maintaining steady cash flow.
However, Fitch questions the viability of the business plan, which
aims to reduce debt through asset sales, with GBP6.5 million
pegged for 2012 and a further GBP15 million per year from 2014
through to 2016. Significant risk remains; almost 50% of rent is
subject to possible lease termination before the end of 2012,
making future falls in income likely. The scale of balloon risk is
evidenced by a whole loan Fitch LTV of 150%.
The second-largest loan, Mapeley (35%), has had a cash sweep in
place for the past two years, resulting in approximately GBP12
million (5%) being repaid. However, the deleveraging effect has
been in decline: the amount of cash swept in the last quarter fell
to just under GBP0.3 million, down from GBP2 million in July 2009.
The cash sweep ended at the July 2011 quarter, and the LTV
covenant should henceforth be reactivated (unless the servicer
waives it for a further period).
The pool maturity profile is concentrated around 2016, when the
two largest loans fall due. Should they fail to repay at maturity
and subsequently enter workout, the servicer (or special servicer)
will only have two years in which to realize recoveries for the
class A bonds, which are due in 2018 (the classes B through to G
are due in 2036).
FREE TRADE HALL: Owner Goes Into Administration
-----------------------------------------------
Place North West reports that the owner of the Free Trade Hall
building in Manchester has been placed into administration.
Matt Dunham and Les Ross of Grant Thornton UK LLP were appointed
joint administrative receivers of Free Trade Hall Hotel on Aug. 4,
according to Place North West. The report relates that the
company holds the long leasehold interest in the property which
houses the Radisson Edwardian Hotel.
Place North West says that Stephen Barker, Free Trade Hall Hotel
director, said in a statement: "The hotel is operating as normal
and is generating strong cash flows. We have seen real growth in
room rates and occupancy throughout 2011 and expect this trend to
continue. As such, we are surprised by the decision taken by the
Lloyds Banking Group (Bank of Scotland PLC). Free Trade Hall
Hotel Ltd was days away from fully refinancing the asset and all
bank debt has been serviced throughout, ensuring no cost to the
bank in continuing to support the hotel."
The hotel is operated by Edwardian Management Services under a
long term hotel management agreement which is unaffected by the
appointment, Place North West discloses.
The report notes that the receivers will be working with Edwardian
Management Services to ensure it can continue to operate the hotel
as normal. Neither Edwardian Management Services, nor any of its
associated companies are subject to the appointment, the report
relates.
The receivers will be seeking a sale of the property, Place North
West adds.
GEKO DIRECT: Owes GBP2.6 Million to More than 800 Creditors
-----------------------------------------------------------
Mobile Magazine reports that a report published by administrator
Deloitte revealed Geko Direct went into administration owing
GBP2.6 million to more than 800 creditors. Mobile Magazine
relates that the report published that Orange distributor Mainline
owed the lion's share, registering a claim of GBP1.2 million.
As reported in the Troubled Company Reporter-Europe on May 10,
2011, Mobile News said that Geko Direct has gone into liquidation
after experiencing cash flow issues that meant it was unable to
pay wages to its 85 staff last month. In a statement issued to
Mobile News, Geko managing director Dave Carter confirmed the
closure of the Telford-based dealer. "The current economic
situation is making business incredibly tough to win and the banks
are simply not helping as they used to," Mobile News quotes Mr.
Carter as saying.
Mobile Magazine discloses that the report, put together by
Deloitte joint administrators Dominic Wong and William Dawson,
looks into the cause of Geko's demise. Mobile Magazine relates
that the report claimed the company's failure was partly down to
the impact of Orange's move to introduce revenue share in 2009.
The report states that Geko Direct had an annual turnover of
around GBP8m and 85 employees until June 2010, when the company
was hit by Orange's decision to replace upfront commission
payments with revenue share, Mobile Magazine says.
The report stated: 'Without this payment the company was unable to
make its salary payment of GBP100,000 due on April 28, 2011,'
Mobile Magazine notes.
The company's accounts revealed that Mainline owed Geko Direct an
estimated GBP740,000 in commissions. The report makes clear,
however, that Mainline disputes this figure, Mobile Magazine says.
The report added: 'Mainline contacted the administrators and
stated the rights to ongoing commission terminate on the company's
insolvency and made a number of further counterclaims in relation
to costs that they [sic] may incur in dealing with the company's
disaffected customers,' Mobile Magazine discloses. Deloitte is
currently considering those counterclaims.
Geko owed customers more than GBP400,000 in cash back payments,
according to figures in the report, Mobile Magazine adds.
Geko Direct is an independent business to business mobile
specialist. The company had 85 employees across locations in
Birmingham, Stoke-on-Trent, and Telford.
LLOYDS BANKING: Shares Plunge to Less Than Half of Bailout Price
----------------------------------------------------------------
Patrick Jenkins and Adam Jones at The Financial Times report that
shares in Lloyds Banking Group have plunged to less than half the
price the UK government paid for them in its GBP21 billion bail-
out of Britain's biggest high-street bank at the height of the
global financial crisis.
Lloyds, which remains 41% owned by the government, fell further
into the red in the first half of the year, reporting a
GBP3.25 billion pre-tax loss, as the bank suffered a worsening of
bad debt trends and took a previously announced GBP3.2 billion
provision to clear up its share of the industry-wide misselling
scandal involving payment protection insurance, the FT relates.
The loss is up against a GBP1.3 billion profit for the first half
of 2010, the FT notes.
The stock closed down 10% at 34.99p on Thursday, compared with the
average 74p price at which the bail-out money was injected, the FT
relates. Analysts blamed much of the share price decline on
broader nervousness about the European economy, the FT discloses.
About Lloyds Banking Group PLC
Lloyds Banking Group plc -- http://www.lloydsbankinggroup.com/--
is a financial services group providing a range of banking and
financial services, primarily in the United Kingdom, to personal
and corporate customers. The Company operates in four segments:
Retail, Wholesale, Wealth and International, and Insurance. Its
main business activities are retail, commercial and corporate
banking, general insurance, and life, pensions and investment
provision. It also operates an international banking business
with a global footprint in over 30 countries. Services are
offered through a number of brand, including Lloyds TSB, Halifax,
Bank of Scotland, Scottish Widows, Clerical Medical and Cheltenham
& Gloucester, and a range of distribution channels. In March
2010, Capita Group Plc acquired Ramesys (Holdings) Ltd from Lloyds
Banking Group plc's Lloyds Bank. In April 2011, Lloyds Banking
Group plc's LDC bought gas and chemicals business, A-Gas, and a
stake in UK2 Group, a Web hosting company.
MILLAR SAVOURY: Set to Go Into Liquidation as No Buyer Emerges
--------------------------------------------------------------
Anne Bruce at FoodManufacture.co.uk reports that Millar Savoury
Foods is being wound up after administrators failed to find a
buyer.
The family company, which employed 30 people at its plant near
Londonderry, Northern Ireland, ceased trading on June 10. All
staff were made redundant, according to foodmanufacture.co.uk.
A spokesman for administrator McCambridge Duffy told
FoodManufacture.co.uk that difficulties in passing on commodity
price increases to supermarket customers were to blame for
Millar's troubles.
The administrator said the company, which operated from rented
premises, was now set to go through a creditors' voluntary
liquidation, a process likely to take 18 months,
FoodManufacture.co.uk relates.
According to the report, the spokesman said administrators were
called in on June 1 but despite actively canvassing potential
buyers, no purchaser could be found.
The company is understood to have had debts of about GPB500,000.
Millar Savoury Foods is a Northern Irish pie and burger supplier.
The family-run Londonderry company supplies Asda, Tesco and
Sainsbury's, as well as foodservice across the UK and Republic of
Ireland.
WF ALDRIDGE: Owes GBP2 Million When it Went Into Administration
---------------------------------------------------------------
Adam Hooker at PrintWeek reports that WF Aldridge & Co, which
traded as Aldridge Print Group, owed more than GBP2 million when
it went into administration in June.
As reported in the Troubled Company Reporter-Europe on June 20,
2011, PrintWeek said that WF Aldridge & Co. has gone into
administration and been sold to the Blue Printing Company in a
pre-pack deal. David Dunckley and David Riley of insolvency
practitioner Grant Thornton were appointed to the Mitcham-based
company on June 15, before being sold the following day, according
to PrintWeek. PrintWeek noted that a total of 33 employees moved
across to Blue Printing, but 11 have been made redundant. The
facility will continue to operate as part of Blue Printing.
PrintWeek discloses that an administrator's report revealed that
Blue Printing will pay a total of GBP175,000 for Aldridge;
however, this could drop to GBP145,000. The report relates that
the administrator also said that it did not expect there to be any
money available for unsecured creditors.
Paper companies were owed almost GBP450,000, with the largest
single deficit being GBP136,671 and a number of companies losing
in the region of GBP30,000 each, PrintWeek notes. Finishing
companies were hit for almost GBP100,000 worth of debt, with one
losing GBP32,451, PrintWeek says.
PrintWeek relays that Blue Printing Group itself was owed
GBP17,993, while Aldridge's digital sister business, BD3, was owed
GBP67,183. PrintWeek relates that Her Majesty Revenue & Customs
was left with a GBP661,452 bad debt and Royal Mail was left
GBP42,622 short. PrintWeek relates that of the GBP175,000 the
administrator valued the business at, GBP50,000 was paid on the
completion of the deal. The remainder is to be paid in three
installments:
-- GBP42,000 on September 20,
-- GBP42,000 on December 20, and
-- GBP41,000 on March 20.
However, BPC also has the opportunity to make a one-off payment of
GBP95,000 before August 31, bringing the total to just GBP145,000,
which the administrator said reflected the reduced risk, PrintWeek
adds.
WF Aldridge & Co, which traded as Aldridge Print Group, is a
printer company.
* UK: Pub Closures Down; Food Crucial to Future
-----------------------------------------------
Rose Jacobs at The Financial Times reports that fewer pubs are
closing in the UK each week but prospects remain grim for
businesses that have yet to embrace food.
About 25 public houses are shutting every week, that is down
steeply from 37 a week a year ago, the FT says, citing Jones Lang
LaSalle. JLL's pub property sentiment survey found that financing
and declines in disposable income continued to depress the sector,
with wet-led pubs faring worst, the FT notes.
According to the FT, Harry Hawksby, director in the licensed
operators division, said that while there was "a sense of
optimism" in the sector, "the next twelve months are likely to see
the market continue to polarize, with public houses which offer
food performing much better than their traditional alcohol-only
counterparts".
Trading performance had worsened for more than two-thirds of wet-
led businesses surveyed by JLL, while only 23% of total
respondents said turnover had fallen, the FT discloses.
Many industry observers have predicted the UK will move towards
the US in its dining habits, the FT states.
* UK: Corporate Liquidations Up 2.7% in Second Qtr in 2011
----------------------------------------------------------
The Insolvency Service said that there were 4,233 compulsory
liquidations and creditors' voluntary liquidations in total in
England and Wales in the second quarter of 2011 (on a seasonally
adjusted basis). This was an increase of 2.7% on the previous
quarter and an increase of 4.4% on the same period a year ago.
According to the latest insolvency figures released by The
Insolvency Service, this was made up of 1,290 compulsory
liquidations (which are up 19.8% on the previous quarter and up
11.1% on the corresponding quarter of the previous year), and
2,943 creditors' voluntary liquidations (which are down 3.3% on
the previous quarter but up 1.7% on the corresponding quarter of
the previous year).
Additionally, there were 1,232 other corporate insolvencies in the
second quarter of 2011 (not seasonally adjusted) comprising 350
receiverships, 695 administrations and 187 company voluntary
arrangements. In total, these represented a decrease of 6.0% on
the same period a year ago.
Individual Insolvencies
There were 30,513 individual insolvencies in England and Wales in
the second quarter of 2011. This was a decrease of 12.2% on the
same period a year ago.
This was made up of 11,113 bankruptcies (which were down 25.8% on
the corresponding quarter of the previous year), 12,143 Individual
Voluntary Arrangements (IVAs), (which were down 9.8% on the
corresponding quarter of the previous year) and 7,257 Debt Relief
Orders (DROs), (which were up 15.3% on the corresponding quarter
of the previous year)
In the second quarter of 2011, 83.0% of bankruptcies were made on
the petition of the debtor, broadly comparable to the levels for
recent quarters. The percentage of bankruptcy orders involving
trading debts (self-employed bankruptcies) was 20.6% in the first
quarter of 2011 (second quarter 2011 figures for trading-related
bankruptcies are not yet available), noticeably higher than levels
seen in recent quarters.
Company Liquidation and Individual
Insolvency Rates: Longer-Term Perspective
In the twelve months ending Q2 2011, approximately 1 in 139 active
companies (or 0.7% of all active registered companies) went into
liquidation, which is unchanged from the previous quarter. As
Figure 3 shows, the liquidation rate remains low compared to a
peak of 2.6% in 1993, and the average of 1.3% seen over the last
25 years. It should be noted that the number of active companies
has changed considerably over this period; there were 2.3 million
active registered companies in Q2 2011; this compares with only
about 900,000 in the early 1990s and less than 800,000 in 1986.
In the twelve months ending Q2 2011, approximately 1 in 349 people
became insolvent. This is down from 1 in 337 in the previous
quarter. The individual insolvency rate has displayed a steeply
upward path (with some fluctuations) since 2004 and is currently
elevated compared to the annual average of 1 in 1,780 (0.1%)
people seen over the last 25 years.
===============
X X X X X X X X
===============
* FITCH: Mixed Feelings About H211 from European Automaker
----------------------------------------------------------
Fitch Ratings says that cautious statements from most European
auto manufacturers about the outlook for H211 do not jeopardize
the agency's expectations for improved credit profiles overall in
2011. First-half results also confirmed the divergence between
extremely strong earnings posted by German groups BMW, Daimler AG
('A-'/Stable/'F2') and Volkswagen Group ('A-'/Stable/'F2'), and
weaker operating margins reported by Peugeot SA (PSA,
'BB+'/Positive/'B') and Renault SA ('BB+'/Stable). Fiat SpA's
('BB+'/Rating Watch Negative/'B') slightly improved profitability
on a standalone basis was further supported by the consolidation
of Chrysler since June 2011.
"While not all carmakers reported improved earnings in H111, most
of them highlighted intensifying challenges ahead, in line with
Fitch's views about the European auto industry," says Emmanuel
Bulle, Senior Director in Fitch's European Corporates group.
"Despite indisputable recovery since late 2009, manufacturers
remain sensitive to pressure on their cost structure, a
deteriorating economic environment and likely slowing growth in
previously fast-growing markets, such as China or Brazil."
Raw materials price increases and foreign exchange were central
topics for manufacturers. Steel and aluminum prices have gained
20% and 13%, respectively, in the past 12 months while the price
of brent and rubber increased 34% and 52%, respectively. Rising
commodity prices contributed negatively by EUR366 million at PSA
and EUR313 million at Renault. Other manufacturers do not publicly
detail the cost of commodity. A strengthening euro against other
currencies, in particular the US dollar (the euro has risen by 10%
against the USD in the past year) typically leads to lower profit
for net exporters such as Volkswagen, Daimler and BMW, from
unfavorable conversion.
Likewise, the March 2011 disasters in Japan weighed on most
groups' earnings, although to a varying extent. PSA and Renault
reported a similar EUR150 million impact on their H111 operating
incomes, or approximately 0.7% of automotive revenue. Yet the net
impact was much lower at Daimler, at EUR67 million (less than 0.2%
of auto and truck revenue) and BMW expects no significant impact
from these events on its business performance this year. Further
sales and production disruption is likely in H211, but to a much
lesser extent.
Potential declining growth rate in some emerging markets, which
used to compensate for lower demand or weak growth in European
manufacturers' main end-markets in Europe and the US, is another
source of concern. PSA and Daimler both revised downwards their
assumptions for growth in China in the next 12-18 months.
As a result of these issues, PSA's operating margin declined to
3.7% in H111 from 4% in H110 and Renault's to 3% from 4%. Fitch
also believes that PSA and Renault suffer from their higher-than-
sector average reliance on the extremely competitive western
European market and increased investment. Renault was also
impacted by falling market shares in the wake of aging models.
The agency will publish a special report in September 2011
"European Auto Industry: What Could Go Wrong" to detail and
comment on some of the potential issues that could impact European
manufacturers' credit profiles. A combination of several potential
negative factors such as growth from emerging markets sputtering;
a higher-than-expected impact from the sovereign-debt crisis in
Europe and the US; increased pressure on the cost structure; as
well as further costs and potential inability to adapt to new
business models from alternative powertrains; could slow the
recovery of European carmakers or lead to a further downturn of
the sector, although to a much lesser extent than the historic
2008/2009 recession.
However, this is not Fitch's central case at this stage and the
agency remains optimistic about a continued strengthening of the
European auto sector overall in 2011, especially for German
manufacturers. Fitch also notes the positive impact from cost-
savings measures and performance plans initiated by several
companies, including Daimler, PSA and Renault to boost growth,
diversify sales and cut costs. In addition, lower earnings would
come from a high base for BMW, Daimler and Volkswagen. BMW's
operating margin increased to 14% in H111 from 7.8% in H110,
Daimler's to 9% from 7.1% and Volkswagen's to 7.8% from 4.6%.
Cash-flow generation in H111 usually improved less, or was even
weaker, than profitability, as most manufacturers boosted capex to
meet robust demand, paid higher dividends and/or made
acquisitions. However, liquidity remains healthy across the sector
and Fitch has no particular concerns on this front.
* S&P Cuts Ratings on Two European Synthetic CDO Tranches to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
20 European synthetic collateralized debt obligation (CDO)
tranches.
S&P has withdrawn its ratings on these tranches for different
reasons, including:
The issuer has fully repurchased the notes,
The principal amount of the notes has been reduced to zero,
The notes have been redeemed, and
At the issuer's request.
"We provide the rating withdrawal reason for each individual
tranche in the separate ratings list," S&P related.
"Note that we have lowered to 'D (sf)' and subsequently withdrawn
our ratings on two tranches. The downgrades to 'D (sf)' follow
confirmation that losses from credit events in the underlying
portfolios exceeded the available credit enhancement levels. This
means that the noteholders did not receive full principal on the
early termination dates for these tranches," S&P related.
"We subsequently withdrew the ratings assigned to these tranches,
having recently received confirmation that the transactions
redeemed early. The ratings will remain at 'D' for a period of 30
days before the withdrawals become effective," S&P said.
* S&P Lowers Rating on United States to 'AA+'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services on Friday lowered its long-term
sovereign credit rating on the United States of America to 'AA+'
from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard &
Poor's affirmed its 'A-1+' short-term rating on the U.S. In
addition, Standard & Poor's removed both ratings from CreditWatch,
where they were placed on July 14, 2011, with negative
implications.
The transfer and convertibility (T&C) assessment of the U.S. --
S&P's assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure
foreign exchange for debt service -- remains 'AAA'.
"We lowered our long-term rating on the U.S. because we believe
that the prolonged controversy over raising the statutory debt
ceiling and the related fiscal policy debate indicate that further
near-term progress containing the growth in public spending,
especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain
a contentious and fitful process. We also believe that the fiscal
consolidation plan that Congress and the Administration agreed to
this week falls short of the amount that we believe is necessary
to stabilize the general government debt burden by the middle of
the decade," S&P said in a statement.
"Our lowering of the rating was prompted by our view on the rising
public debt burden and our perception of greater policymaking
uncertainty, consistent with our criteria (see "Sovereign
Government Rating Methodology and Assumptions," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S.
federal government's other economic, external, and monetary
credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
"We have taken the ratings off CreditWatch because the Aug. 2
passage of the Budget Control Act Amendment of 2011 has removed
any perceived immediate threat of payment default posed by delays
to raising the government's debt ceiling. In addition, we believe
that the act provides sufficient clarity to allow us to evaluate
the likely course of U.S. fiscal policy for the next few years.
"The political brinksmanship of recent months highlights what we
see as America's governance and policymaking becoming less stable,
less effective, and less predictable than what we previously
believed. The statutory debt ceiling and the threat of default
have become political bargaining chips in the debate over fiscal
policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be
extraordinarily difficult to bridge, and, as we see it, the
resulting agreement fell well short of the comprehensive fiscal
consolidation program that some proponents had envisaged until
quite recently. Republicans and Democrats have only been able to
agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive
measures. It appears that for now, new revenues have dropped down
on the menu of policy options. In addition, the plan envisions
only minor policy changes on Medicare and little change in other
entitlements, the containment of which we and most other
independent observers regard as key to long-term fiscal
sustainability.
"Our opinion is that elected officials remain wary of tackling the
structural issues required to effectively address the rising U.S.
public debt burden in a manner consistent with a 'AAA' rating and
with 'AAA' rated sovereign peers (see Sovereign Government Rating
Methodology and Assumptions," June 30, 2011, especially Paragraphs
36-41). In our view, the difficulty in framing a consensus on
fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve
more balanced and dynamic economic growth in an era of fiscal
stringency and private-sector deleveraging (ibid). A new
political consensus might (or might not) emerge after the 2012
elections, but we believe that by then, the government debt burden
will likely be higher, the needed medium-term fiscal adjustment
potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray
Will Likely Cost Even More Green, Now," June 21, 2011)."
"Standard & Poor's takes no position on the mix of spending and
revenue measures that Congress and the Administration might
conclude is appropriate for putting the U.S.'s finances on a
sustainable footing. The act calls for as much as US$2.4 trillion
of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the
US$917 billion agreed to initially, followed by an additional
US$1.5 trillion that the newly formed Congressional Joint Select
Committee on Deficit Reduction is supposed to recommend by
November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend
them.
"The act further provides that if Congress does not enact the
committee's recommendations, cuts of US$1.2 trillion will be
implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending,
defense, and Medicare. We understand that this fall-back
mechanism is designed to encourage Congress to embrace a more
balanced mix of expenditure savings, as the committee might
recommend.
"We note that in a letter to Congress on Aug. 1, 2011, the
Congressional Budget Office (CBO) estimated total budgetary
savings under the act to be at least US$2.1 trillion over the next
10 years relative to its baseline assumptions. In updating our
own fiscal projections, with certain modifications outlined below,
we have relied on the CBO's latest "Alternate Fiscal Scenario" of
June 2011, updated to include the CBO assumptions contained in its
Aug. 1 letter to Congress. In general, the CBO's "Alternate
Fiscal Scenario" assumes a continuation of recent Congressional
action overriding existing law.
"We view the act's measures as a step toward fiscal consolidation.
However, this is within the framework of a legislative mechanism
that leaves open the details of what is finally agreed to until
the end of 2011, and Congress and the Administration could modify
any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are
implemented, we maintain our view that the U.S. net general
government debt burden (all levels of government combined,
excluding liquid financial assets) will likely continue to grow.
Under our revised base case fiscal scenario--which we consider to
be consistent with a 'AA+' long-term rating and a negative
outlook--we now project that net general government debt
would rise from an estimated 74% of GDP by the end of 2011 to 79%
in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer
credits and, as noted, would continue to rise under the act's
revised policy settings.
Compared with previous projections, our revised base case scenario
now assumes that the 2001 and 2003 tax cuts, due to expire by the
end of 2012, remain in place. We have changed our assumption on
this because the majority of Republicans in Congress continue to
resist any measure that would raise revenues, a position we
believe Congress reinforced by passing the act. Key
macroeconomic assumptions in the base case scenario include trend
real GDP growth of 3% and consumer price inflation near 2%
annually over the decade.
"Our revised upside scenario--which, other things being equal, we
view as consistent with the outlook on the 'AA+' long-term rating
being revised to stable--retains these same macroeconomic
assumptions. In addition, it incorporates US$950 billion of new
revenues on the assumption that the 2001 and 2003 tax cuts for
high earners lapse from 2013 onwards, as the Administration
is advocating. In this scenario, we project that the net general
government debt would rise from an estimated 74% of GDP by the end
of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside scenario--which, other things being equal, we
view as being consistent with a possible further downgrade to a
'AA' long-term rating--features less-favorable macroeconomic
assumptions, as outlined below and also assumes that the second
round of spending cuts (at least US$1.2 trillion) that the act
calls for does not occur. This scenario also assumes somewhat
higher nominal interest rates for U.S. Treasuries. We still
believe that the role of the U.S. dollar as the key reserve
currency confers a government funding advantage, one that could
change only slowly over time, and that Fed policy might lean
toward continued loose monetary policy at a time of fiscal
tightening. Nonetheless, it is possible that interest rates could
rise if investors re-price relative risks. As a result, our
alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from
2013 onwards. In this scenario, we project the net public debt
burden would rise from 74% of GDP in 2011 to 90% in 2015 and to
101% by 2021.
"Our revised scenarios also take into account the significant
negative revisions to historical GDP data that the Bureau of
Economic Analysis announced on July 29. From our perspective, the
effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government.
First, the revisions show that the recent recession was deeper
than previously assumed, so the GDP this year is lower than
previously thought in both nominal and real terms. Consequently,
the debt burden is slightly higher. Second, the revised data
highlight the sub-par path of the current economic recovery when
compared with rebounds following previous post-war recessions. We
believe the sluggish pace of the current economic recovery could
be consistent with the experiences of countries that have had
financial crises in which the slow process of debt deleveraging in
the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real
trend GDP growth of 2.5% and inflation of near 1.5% annually going
forward."
"When comparing the U.S. to sovereigns with 'AAA' long-term
ratings that we view as relevant peers -- Canada, France, Germany,
and the U.K. -- we also observe, based on our base case scenarios
for each, that the trajectory of the U.S.'s net public debt is
diverging from the others. Including the U.S., we estimate that
these five sovereigns will have net general government debt to
GDP ratios this year ranging from 34% (Canada) to 80% (the U.K.),
with the U.S. debt burden at 74%. By 2015, we project that their
net public debt to GDP ratios will range between 30% (lowest,
Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net
public debt burdens of these other sovereigns will begin to
decline, either before or by 2015.
"Standard & Poor's transfer T&C assessment of the U.S. remains
'AAA'. Our T&C assessment reflects our view of the likelihood of
the sovereign restricting other public and private issuers' access
to foreign exchange needed to meet debt service. Although in our
view the credit standing of the U.S. government has deteriorated
modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or
the Administration. Consequently, we continue to view this
risk as being highly remote."
"The outlook on the long-term rating is negative. As our downside
alternate fiscal scenario illustrates, a higher public debt
trajectory than we currently assume could lead us to lower the
long-term rating again. On the other hand, as our upside scenario
highlights, if the recommendations of the Congressional Joint
Select Committee on Deficit Reduction -- independently or coupled
with other initiatives, such as the lapsing of the 2001 and 2003
tax cuts for high earners -- lead to fiscal consolidation measures
beyond the minimum mandated, and we believe they are likely to
slow the deterioration of the government's debt dynamics, the
long-term rating could stabilize at 'AA+'."
On Monday, S&P will issue separate releases concerning affected
ratings in the funds, government-related entities, financial
institutions, insurance, public finance, and structured finance
sectors.
* 15 Companies in S&P List of Defaulters in Second Quarter
----------------------------------------------------------
Globally, 15 companies (13 public and two confidentially rated)
defaulted in the second quarter of 2011. The volume of rated debt
affected by defaulters in the second quarter was US$39.5 billion,
up from five defaults in the first quarter with US$3.6 billion in
debt, said an article published Friday by Standard & Poor's Global
Fixed Income Research, titled "Quarterly Global Corporate Default
Update And Rating Transitions."
Of the 15 defaults in second-quarter 2011, eight were domiciled in
the U.S., two in Canada, two in New Zealand, and one each in
U.A.E, Russia, and France.
"On a trailing-12-month basis, the global speculative-grade
default rate as of June 2011 was 2%, down slightly from 2.08% at
the end of March and 5.12% at the same time in 2010," said Diane
Vazza, head of Standard & Poor's Global Fixed Income Research.
"The default rate is now at its lowest point since August 2008,
the last reading prior to the collapse of Lehman Brothers and the
ensuing recession in the U.S."
"Overall, credit quality has, in our view, continued to stabilize
over the past 18 months, as the number of downgrades has decreased
slightly across all regions," said Ms. Vazza. "The downgrade-to-
upgrade ratio fell to 0.64% in second-quarter 2011 from 1.10% in
the previous quarter."
The decrease from the first quarter is the result of a slight
uptick in upgrades -- to 3.5% from 2.45% -- along with a decrease
in downgrades--to 2.25% from 2.7%.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (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
FINANCIETOREN NV 3729210Z BB -51909129.52 888377024.7
IRUS ZWEIBRUCKEN 3738979Z BB -17020632.96 106188034.9
KIA MOTORS BELGI 3729658Z BB -84207043.53 162372182.7
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CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
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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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DEVELICA DEUTSCH DDE PG -79827494.88 1139643575
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GERMANY
-------
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GUENTHER & SOHN GUS GR -9612095.264 130075209
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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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OT OPTIMA TELEKO 2299892Z CZ -83005841.81 114547056.6
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ICELAND
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IRELAND
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LUXEMBOURG
----------
ARCELORMITTAL FL 3912244Z LX -1024313669 3328008487
INTELSAT ILMA GR -697038976 17592367104
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ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
NETHERLANDS
-----------
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
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NORWAY
------
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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
ESTALEIROS NAVAI 4507307Z PL -23829401.88 315386385.8
FERREIRAS & MAGA 4281437Z PL -14115717.84 103226790.2
GALERIA PARQUE N 4772673Z PL -6221557.01 176869350.5
HOSPITAL DE FARO 3789880Z PL -59945072.08 249069905.8
HOSPITAL GARCIA 3773160Z PL -27714243.05 131330191
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -227787277.2 3216337049
PARQUE DA PAMPIL 4770625Z PL -1932626.439 135631078.1
PARQUE EOLICO DE 4772521Z PL -1450277.362 131706562.9
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
PIK GROUP-GDR PIQ2 GR -65334860.95 4000687446
PIK GROUP-GDR PIK1 EO -65334860.95 4000687446
PIK GROUP-GDR PIK EB -65334860.95 4000687446
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
SISTEMA HALS-GDR HALS LI -568359936 1210651008
SISTEMA HALS-GDR SYR GR -568359936 1210651008
SISTEMA HALS-GDR HALS TQ -568359936 1210651008
SISTEMA-GDR 144A SEMAL US -568359936 1210651008
SISTEMA-GDR 144A 86PN LI -568359936 1210651008
URGALUGOL-BRD YRGL RU -20765964.53 115490879.4
URGALUGOL-BRD YRGL* RU -20765964.53 115490879.4
URGALUGOL-BRD-PF YRGLP RU -20765964.53 115490879.4
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
VOLGOGRAD KHIM VHIM RU -36728501.72 145195344.9
WILD ORCHID ZAO DOAAN RU -11716087.47 106082784.6
ZAPSIBGASP-Q PFD ZSGPP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP RU -72947.51526 122459176.2
ZAPSIBGASPRO-BRD ZSGP* RU -72947.51526 122459176.2
ZAPSIBGASPROM-B ZSGP$ RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP* RU -72947.51526 122459176.2
ZAPSIBGASPRO-PFD ZSGPP RU -72947.51526 122459176.2
ZIL AUTO PLANT ZILL$ RU -115900565.7 368611137
ZIL AUTO PLANT-P ZILLP* 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
AMCI HABITAT SA AMC SM -24580874.45 194758143.4
AMCI HABITAT SA AMC1 EU -24580874.45 194758143.4
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -175550365.3 296395765.4
BAXI CALEFACCION 4029741Z SM -16038399.69 313088537.4
BOSCH SISTEMAS D 4505475Z SM -295419977.8 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.28 203210905.9
CAIXARENTING SA 4500211Z SM -13655312.55 1651010629
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CONFORAMA ESPANA 3771496Z SM -7499882.185 125121785.8
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DTZ IBERICA ASES 1658Z SM -130770583.4 611187363
ELECTRODOMESTICO 1035184Z SM -89882980.98 104386627.5
ERICSSON NETWORK 4367417Z SM -30313203.28 358279281.1
FABRICAS AGRUPAD 3638319Z SM -32596694.58 286240670.7
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FIAT GROUP AUTOM 4511067Z SM -30064519.13 367730368.2
FMC FORET SA 3642299Z SM -28605523.78 225458069.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493084.81 140668008
HIDROCANTABRICO 4456745Z SM -213762090.5 376644969.1
INITEC ENERGIA S 3637759Z SM -1230006.429 256846609.3
ISOFOTON SA 1039291Z SM -401482382 218392769.3
JAZZ TELECOM SA 3646927Z SM -639496600.9 784724811
LA SIRENA ALIMEN 4375737Z SM -45848483.56 200881094.4
LEVANTINA Y ASOC 993382Z SM -47134829.4 798577836.1
MAGNETI MARELLI 3643903Z SM -6218714.533 169480205.1
MARTINSA FADESA MFAD PZ -3316202978 7060944147
MARTINSA FADESA 4PU GR -3316202978 7060944147
MARTINSA FADESA MTF EO -3316202978 7060944147
MARTINSA FADESA MTF1 LI -3316202978 7060944147
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
NYESA VALORES CO BES EO -99766729.91 812943907.9
NYESA VALORES CO NYE EO -99766729.91 812943907.9
NYESA VALORES CO NYE SM -99766729.91 812943907.9
NYESA VALORES CO BES EU -99766729.91 812943907.9
NYESA VALORES CO BESS PZ -99766729.91 812943907.9
NYESA VALORES CO BES TQ -99766729.91 812943907.9
NYESA VALORES CO NYE TQ -99766729.91 812943907.9
NYESA VALORES CO 7NY GR -99766729.91 812943907.9
NYESA VALORES CO BES SM -99766729.91 812943907.9
ORANGE CATALUNYA 4365565Z SM -25422547.72 113962331.9
PANRICO SL 1087Z SM -132677120.8 1306407522
PULLMANTUR SA 301590Z SM -77746125.07 127835603
RANDSTAD EMPLEO 4285885Z SM -58878158.21 370434699.9
REAL ZARAGOZA SA 4285533Z SM -26642893.2 155342765.2
REYAL URBIS SA REY1 EU -425677105.6 5777458693
REYAL URBIS SA REY1 EO -425677105.6 5777458693
REYAL URBIS SA REY SM -425677105.6 5777458693
REYAL URBIS SA REYU PZ -425677105.6 5777458693
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SIDERURGICA SEVI 3755616Z SM -6175305.125 255962721.9
SOGECABLE MEDIA 3638359Z SM -3018000.191 182987292.3
SPANAIR 1174Z SM -592075778.7 449250970.6
SUPERMERCADOS CH 3635999Z SM -49108101.19 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.083 110251382.6
TELEVISION AUTON 3772924Z SM -148813632.8 119454851.8
TIP TRAILERS ESP 3804444Z SM -11109283.92 130713925.8
TROPICAL TURISTI 3639071Z SM -25374266.69 535701945
TWINS ALIMENTACI 4381793Z SM -49677879.17 298164942.5
TYCO ELECTRONICS 2335265Z SM -120345346 343202188.9
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
UNIVERSAL MUSIC 3748312Z SM -113641266.3 100627411.6
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
SWEDISH MA-RE RT SWMASR SS -213512979.5 2124668074
SWEDISH MAT-ADR SWMA GR -213512979.5 2124668074
SWEDISH MAT-ADR 3053566Q US -213512979.5 2124668074
SWEDISH MATCH SWD LI -213512979.5 2124668074
SWEDISH MATCH AB SWMAEUR EU -213512979.5 2124668074
SWEDISH MATCH AB SWMA GK -213512979.5 2124668074
SWEDISH MATCH AB SWMA PZ -213512979.5 2124668074
SWEDISH MATCH AB SWMAUSD EO -213512979.5 2124668074
SWEDISH MATCH AB SWMA NR -213512979.5 2124668074
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SWEDISH MATCH AB SWMA IX -213512979.5 2124668074
SWEDISH MATCH AB SWMA EU -213512979.5 2124668074
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SWEDISH MATCH-B 3033P US -213512979.5 2124668074
SWEDISH MAT-RTS SWMYR US -213512979.5 2124668074
SWEDISH M-UN ADR SWMAY US -213512979.5 2124668074
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
BESIKTAS FUTBOL BJKASM TI -94748145.95 140991569.3
BESIKTAS FUTBOL BKTFF US -94748145.95 140991569.3
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSY GR -4380459.912 184132637.7
GALATASARAY SPOR GATSF US -4380459.912 184132637.7
GALATASARAY SPOR GALA IX -4380459.912 184132637.7
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
DONETSKOBLENERGO DOON UZ -214112885.3 396954757.6
LUGANSKGAS LYGZ UZ -25247035.77 123851487
LUGANSKOBLENERGO LOEN UZ -28261772.82 197883850.6
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MARIUP-GDR REG S MZVM IX -11661586.28 260791838.5
MARIUPOL HEAVY M MZVM UZ -11661586.28 260791838.5
NAFTOKHIMIK PRIC NAFP UZ -22522408.4 344629436.5
NAFTOKHIMIK-GDR N3ZA GR -22522408.4 344629436.5
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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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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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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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
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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
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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
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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 * * *