/raid1/www/Hosts/bankrupt/TCREUR_Public/110816.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 16, 2011, Vol. 12, No. 161
Headlines
A U S T R I A
VTB BANK: Fitch Affirms Individual Rating at 'D'
WIENERBERGER AG: Moody's Assigns Ba1 Rating to EUR100MM Sr. Notes
C Y P R U S
MARFIN POPULAR: Fitch Downgrades Individual Rating to 'D'
RUSSIAN COMMERCIAL: Moody's Assigns 'Ba3' Deposit Ratings
F I N L A N D
SEA FORT: Fitch Affirms Rating on EUR15MM Class E Notes at 'BBsf'
G E R M A N Y
ALBA GROUP: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
SUEDZUCKER AG: Moody's Affirms 'Ba2' Junior Subordinate Ratings
G R E E C E
AXIA III: Moody's Withdraws B1 Rating on EUR1670.1MM Class Notes
I C E L A N D
LANDSBANKI ISLANDS: Credit Suisse May be Tapped for Advice on Bid
I R E L A N D
BROMLEY COMMUNICATIONS: Faces Liquidation on August 25
EIRLES FOUR: Fitch Withdraws 'Dsf' Ratings on Three Tranches
HOME PAYMENTS: Customers to be Treated Sympathetically, NCA Says
IRISH LIFE: Shareholder Drops Challenge Over Recapitalization
OPERA FINANCE: Fitch Downgrades Rating on Class D Notes to 'Csf'
SUNDAY TRIBUNE: Rights Commissioner Recognizes Workers' Rights
I T A L Y
BANCASAI SPA: S&P Affirms 'BB+/B' Counterparty Credit Ratings
DEXIA CREDICOP: Fitch Affirms 'bb-' Viability Rating
K A Z A K H S T A N
NOMAD INSURANCE: Fitch Assigns 'B-' Insurer Fin'l Strength Rating
N E T H E R L A N D S
ORYX EUROPEAN: Moody's Upgrades Rating on Class D Notes to 'Ba1'
R U S S I A
COMMERCIAL BANK: Moody's Affirms E+ Bank Finc'l. Strength Rating
CONTINENT AIRLINES: More Than 100 Passengers Stranded in Abakan
GAZPROMBANK: S&P Lifts LT Counterparty Credit Rating to 'BB+'
METALLURGICAL COMM'L: Moody's Assigns 'B3' Sr. Unsec. Debt Rating
NATIONAL STANDARD: Moody's Affirms 'B3' Long-Term Deposit Ratings
NOMOS BANK: Fitch Raises Long-Term Issuer Default Rating to 'BB'
* KOSTROMA REGION: Fitch Affirms 'B+' Long-Term Currency Ratings
S P A I N
BANKINTER RMBS: Fitch Affirms 'CCCsf' Rating on Class E Notes
FTA SANTANDER: DBRS Assigns 'C (sf)' Rating to Series C Notes
TDA: Fitch Affirms 'CCsf' Ratings on Nine Tranches
TDA 29: Fitch Downgrades Rating on Class D Notes to 'CCsf'
* MORATALLA: On Verge of Going Broke
U N I T E D K I N G D O M
AEI CABLES: Enters Into Company Voluntary Arrangement
PICCADILLY HOTELS: Menzies Hotels Rescued From Administration
SIMCLAR GROUP: Boss Under Fire for Rejecting Free Help
* UK: Bupa CEO Criticizes Care Home Policy
* UK: Insolvent Firm Takeovers Fall in North East, Research Shows
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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A U S T R I A
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VTB BANK: Fitch Affirms Individual Rating at 'D'
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Fitch Ratings has affirmed VTB Bank (Austria) AG's (VTBA) Long-
term Issuer Default Rating (IDR) at BBB- with a Stable Outlook.
The affirmation of the bank's Long-term IDR reflects Fitch's view
that there is a high probability of support from its parent,
Russia's Bank VTB (VTB; rated 'BBB'/Stable; the second-largest
Russian bank with 85.5% state-ownership) and, ultimately, the
Russian authorities, in case of need. Any movement in VTB's IDR
would likely affect the ratings of its subsidiaries.
Fitch believes that VTBA has a narrow independent franchise,
which is a key constraint for its Individual Rating. There
appears to be a high level of integration within the VTB group
and a close relationship between VTB and VTBA. The majority of
VTBA's business is of Russia/CIS origin, with an enhanced focus
on VTB's clients. The agency understands that risk management
and front office work is closely coordinated with the parent.
VTBA's limited standalone profile is also the reason Fitch has
not assigned a Viability Rating.
VTBA's funding base is concentrated and mainly sourced from
capital and interbank markets. In 2009-2010, the bank enjoyed a
considerable inflow of Russian banks' loro accounts, which now
represent VTBA's key funding source. Name concentrations are
high, but remained stable in recent years, even during times of
stress in the financial markets. However, VTBA's ability to
raise funding is mainly driven by its affiliation with VTB.
Fitch notes that VTBA also books sizable amounts of fiduciary
business off balance sheet. The agency cannot rule out the
possibility that some of the on-balance sheet bank funding may be
directly related to its loan exposures. VTBA has worked at
diversifying its funding base. To this end, the bank has made
efforts at raising retail deposits and also attracted a sizeable
precious metal line from the Central Bank of Russia.
VTBA enjoys reasonable capitalization with total capital
adequacy ratio under Basel II standing at 14.3% at end-H111 on a
consolidated basis (compared with 18.6% at end-2010).
Performance has been reasonably healthy, with ROAE of 18.2% and
22.6% in 2010 and 2009, respectively. Profits benefited from
wider margins on the back of cheaper funding and only moderate
loan impairment charges. Asset quality has been reasonable for a
bank that is focused on Russia/CIS, with NPLs peaking at 5.7% of
gross loans on a consolidated basis.
The rating actions are as follows:
VTB Bank (Austria) AG
-- Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'F3'
-- Support Rating: affirmed at '2'
-- Individual Rating: affirmed at 'D'
WIENERBERGER AG: Moody's Assigns Ba1 Rating to EUR100MM Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service has changed to Ba1 (LGD4-60%) from
provisional (P)Ba1 (LGD4-60%) the rating of the EUR100 million
senior unsecured notes following the review of the final
documentation of the notes. The rating outlook remains negative.
Ratings Rationale
Wienerberger's Ba1 Corporate Family Rating (CFR) continues to
benefit from the group's strong market position in the global
brick and roof tile markets with high market shares in North
America (co-leader in facing bricks), and in Europe (number 1 in
facing bricks and clay roof tiles), as well as the well-managed
capital structure through the downturn between 2008 and 2010
which involved two rights issues, the cancellation of dividend
payments and the maintenance of a sound liquidity profile.
At the same time, the highly cyclical business of primarily
supplying the residential construction markets and the company's
relatively small size compared to other companies in the building
materials industry has led to volatile operating results and a
capital structure, that positions the company weakly in the
current rating category, with RCF/net debt of 13.8% and
debt/EBITDA of 4.7x per LTM March 2011.
Despite the ongoing fragility in most of the company's markets,
Wienerberger appears to be slowly improving its profitability
again, driven by implemented cost cuts and capacity adjustments.
However, the company is still far away from its historical
profitability levels of operating margin in the low teens prior
to 2008.
The current rating positioning anticipates that Wienerberger can
progressively strengthen its operating margin in the subsequent
quarters. In addition Moody's expects RCF/net debt improving
towards 20% in 2011, which is Moody's threshold outlined for
Wienerberger to retain the Ba1 rating.
Any deviation from the expected recovery in performance in 2011
could lead to downward rating pressure. Wienerberger's rating
might be downgraded if the company is not able to generate
positive free cash flows in 2011 and to consequently reduce its
indebtedness, which would lead to an improvement of RCF/net debt
towards the 20s over the next twelve months.
Given the current rating positioning of Wienerberger and the
still fragile market environment an upgrade in the short to
intermediate term is unlikely. A rating upgrade would require an
extended period of applying a major share of cash flow to debt
reduction with ongoing improvements in operating profits and
operating cash flows, so that the RCF/net debt ratio would rise
comfortably above 20% and FCF/debt towards the mid single digit
range on a sustained basis.
The principal methodology used in rating Wienerberger AG was the
Global Building Materials 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 Vienna, Austria, Wienerberger AG is the world's
largest brick manufacturer and Europe's largest producer of clay
roof tiles. The group produces bricks, clay roof tiles and pavers
in 245 plants and operates in 27 countries worldwide and five
export markets. The company's main markets are North America (8%
of 2010 sales), Germany (15%), Benelux (23%) France (8%) and
Eastern Europe (25%). The group generated revenues of EUR 1.7
billion in fiscal year 2010.
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C Y P R U S
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MARFIN POPULAR: Fitch Downgrades Individual Rating to 'D'
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Fitch Ratings has downgraded Bank of Cyprus's (BoC) Long-term
Issuer Default Rating (IDR) to 'BBB-' from 'BBB+', removed the
Rating Watch Negative (RWN) and assigned it a Negative Outlook.
Marfin Popular Bank's (MPB) and Hellenic Bank's (HB) Outlooks
have been revised to Negative from Stable. The agency has also
downgraded all three banks' Viability Ratings (VR) and removed
the RWN on BoC's and MPB's VRs.
The rating actions follow the downgrade of Cyprus's sovereign
rating to 'BBB' from 'A-' with a Negative Outlook.
The downgrades reflect Fitch's view that pressure on Cypriot
banks' capital, credit risk profile and profitability will
intensify, albeit to different degrees, due to serious concerns
about the Greek sovereign and economy, to which Cypriot banks are
highly exposed. In addition, Cypriot banks will face a more
challenging domestic operating environment due to the need to
adopt austerity measures to address fiscal slippage and the
negative consequences of this and the naval base explosion in
July, which took out half of Cyprus's electricity generating
capacity, on economic growth prospects.
All three banks' Long-term IDRs are now at their Support Rating
Floors (SRF), reflecting Fitch's view that potential support
could be made available by the Cypriot authorities and ultimately
by international authorities in the case of need. However, as
expressed by the Negative Outlook, if Cyprus's sovereign rating
was downgraded, the banks' Support Ratings, SRFs and Long-term
IDRs could also be downgraded.
All three Cypriot banks are exposed to Greek government
securities (GGS) and banking operations in Greece, making them
vulnerable to adverse developments in the region. MPB is most at
risk as it has the largest exposure (46% of group loans at end-
Q111 and 99% of Tier 1 capital in GGS), followed by BoC (35%; 55%
at end-May 2011; Tier 1 capital includes issuance of convertible
enhanced capital securities) and HB (18%; 17% at end-Q111). MPB
also has a comparatively weaker funding profile than its peers
with a higher reliance on ECB funding. MPB's larger Greek
exposure and weaker funding profile have resulted in the bank's
VR being downgraded to 'b+', compared to 'bb' for BoC and HB.
Fitch views positively the banks' efforts to improve capital
levels since 2010. However, given Cypriot banks' exposure to GGS
and the anticipated restructuring of Greek sovereign debt, Fitch
expects that the banks' capital levels will be affected,
particularly in the case of MPB. In conjunction with escalating
credit quality issues due to Greece's distressed macroeconomic
environment and, to a lesser extent, weaker economic prospects in
Cyprus, this may require further capital raising at banks. While
BoC is more exposed to Greece than HB, BoC benefits from its
leading domestic franchise, better asset quality and superior
profitability indicators than HB.
Cypriot banks' funding profiles have generally benefited from
deposit inflows since the Greek crisis. At the same time, banks
continue to focus on increasing liquidity buffers, largely
through self-retained covered bonds issues, which are eligible
for ECB refinancing. However, with a high proportion of
corporate deposits, part of which come from foreign entities, in
Fitch's opinion, banks are vulnerable to potentially significant
deposit outflows, if market confidence towards the Cypriot
sovereign and/or banks weakens.
The ratings actions are as follows:
BoC
-- Long-term IDR downgraded to 'BBB-' from 'BBB+'; Outlook
Negative; RWN removed
-- Short-term IDR downgraded to 'F3' from 'F2'; RWN removed
-- Viability Rating downgraded to 'bb' from 'bbb+'; RWN removed
-- Individual Rating downgraded to 'C/D' from 'C'; RWN removed
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- Senior notes downgraded to 'BBB-' from 'BBB+'; RWN removed
-- Commercial Paper downgraded to 'F3' from 'F2', RWN removed
MPB
-- Long-term IDR affirmed at 'BBB-'; Outlook revised to
Negative from Stable
-- Short-term IDR affirmed at 'F3'
-- Viability Rating downgraded to 'b+' from 'bbb-'; RWN removed
-- Individual Rating downgraded to 'D' from 'C'; RWN removed
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- Senior notes affirmed at 'BBB-'
HB
-- Long-term IDR affirmed at 'BBB-'; Outlook revised to
Negative from Stable
-- Short-term IDR affirmed at 'F3'
-- Viability Rating downgraded to 'bb' from 'bbb-'
-- Individual Rating affirmed at 'C/D'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
RUSSIAN COMMERCIAL: Moody's Assigns 'Ba3' Deposit Ratings
---------------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term local and
foreign currency deposit ratings and Not Prime short-term deposit
ratings to Russian Commercial Bank (Cyprus) Ltd (RCB), a 60%
owned subsidiary of Russia's Bank VTB JSC (VTB). Moody's has also
assigned a standalone bank financial strength rating (BFSR) of
E+, mapping to B3 on the long-term scale. RCB's long-term deposit
ratings carry a negative outlook and its E+ standalone BFSR has a
stable outlook.
Ratings Rationale
Deposit ratings reflect parent's standalone credit strength and
outlook
RCB's Ba3/Not Prime deposit ratings reflect its role within the
VTB Group, and are based on the support that Moody's expects
would be forthcoming in case of need from its Moscow-based parent
company, VTB (rated Baa1 for debt and deposits, and Ba3 on a
standalone basis, mapped from its D- BFSR). This view is
underpinned by the high integration and dependence between RCB
and VTB.
VTB provides the majority of RCB's funding and also provides
guarantees for the majority of RCB's loan book. RCB is also
highly integrated with the parent, while there is a clear
association of RCB as a member of the VTB group.
RCB's standalone credit strength constrained by limited franchise
outside VTB Group
RCB's E+ BFSR, mapping to B3 on the long-term scale, reflects its
very limited franchise outside VTB Group. RCB has historically
operated in Cyprus and mainly serves VTB Group's interests in
order to (1) benefit from the Cypriot taxation regime and legal
system, and (2) have a local presence to serve VTB's large number
of existing clients that have operations in Cyprus. However, the
standalone credit strength also captures certain corporate
governance concerns, with a concentrated ownership structure and
high level of related-party transactions that lead to high-level
strategic decisions being taken in conjunction with VTB's
business interests.
Based on Moody's methodology, the rating agency assumes 100%
dependence and very high probability of support for RCB from its
parent bank, which results in a three-notch uplift to RCB's
ratings, thereby lifting the deposit ratings to the same level as
the parent's Ba3 standalone credit strength. The negative outlook
on RCB's long-term deposit ratings is in line with the negative
outlook on VTB's standalone ratings, and indicates that RCB's
ratings will be negatively impacted if there is a downward rating
action on VTB's own ratings.
Principal Methodologies
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007. Please see the Credit Policy page on www.moodys.com for a
copy of these methodologies.
Headquartered in Limassol, Cyprus, Russian Commercial Bank
(Cyprus) Limited reported total consolidated assets (audited
under IFRS) of US$7.8 billion as of December 2010.
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F I N L A N D
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SEA FORT: Fitch Affirms Rating on EUR15MM Class E Notes at 'BBsf'
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Fitch Ratings has affirmed Sea Fort Securities Plc's notes.
The rating actions are as follows:
-- EUR22,850,000 class A notes (ISIN XS0259821006): affirmed at
'AAAsf'; Stable Outlook
-- EUR22,000,000 class B notes (ISIN XS0259821345): affirmed at
'AAsf'; Stable Outlook
-- EUR14,500,000 class C notes (ISIN XS0259821428): affirmed at
'Asf'; Stable Outlook
-- EUR14,500,000 class D notes (ISIN XS0259821691): affirmed at
'BBBsf'; Stable Outlook
-- EUR15,000,000 class E notes (ISIN XS0259821774): affirmed at
'BBsf'; Stable Outlook
The affirmations reflect the portfolio's performance plus the
transaction's continued deleveraging and consequent building of
credit enhancement (CE) as it approaches its scheduled maturity
in January 2012. The Stable Outlook indicates the strong
historical portfolio performance and the prospect of continued
portfolio amortization and deleveraging in the structure.
The portfolio has amortized to EUR106 million, 10.6% of the
initial portfolio size from an initial pool of EUR1 billion,
which has resulted in the relative CE for all the rated notes
significantly increasing since closing. In addition to the
deleveraging effect, the portfolio has experienced limited
defaults and delinquencies to date.
In the analysis undertaken, the originator's internal credit
scores and associated probability of default (PD) were used as a
base case to determine the portfolio's loss severity. In
addition, a stress case focusing on Finnish economic performance
during the early 1990s was used for sensitivity testing. Although
the portfolio has delevered significantly, obligor concentration
has increased and this was addressed through applying obligor
concentration stresses in line with Fitch's SME criteria to
default probabilities, recovery rates and pairwise correlations
for the largest obligors.
Sea Fort Securities Plc is a synthetic securitization of an
initial EUR1bn revolving reference pool of loans and credit
facilities granted by Sampo Bank Plc to small- and medium-sized
entities, large corporate entities and financial institutions in
Finland. Sea Fort Securities Plc is a limited liability special
purpose vehicle incorporated under the laws of Ireland. The
proceeds from initial issuance remain invested in a 'AAA' Dexia
Municipal Agency (Dexia) covered bond.
Sampo Bank Plc plays a number of key roles within the
transaction, notably as CDS counterparty and put option
counterparty (for disposal of the covered bonds at par). Sampo
Bank Plc is not currently publicly rated by Fitch. However some
of the risks associated with this are mitigated through
prepayments of amounts due under the CDS and through the
maintenance of overcollateralization of the collateral.
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G E R M A N Y
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ALBA GROUP: S&P Assigns 'BB-' Long-Term Corporate Credit Rating
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Standard & Poor's Rating Services assigned its long-term
corporate credit rating of 'BB-' to Germany-based integrated
waste management group, Alba Group PLC & Co. KG. "The rating is
in line with the preliminary rating that we assigned to
Alba Group on April 12, 2011. The outlook is stable," S&P said.
"At the same time, we assigned a 'B' issue rating to Alba Group's
EUR203 million unsecured notes. The recovery rating on the notes
is '6', indicating our expectation of negligible (0%-10%)
recovery prospects in the event of a payment default," S&P
related.
The ratings on Alba Group reflect the successful integration of
its two waste management businesses, formerly Alba AG and
Interseroh SE, through the registration of a Domination and
Profit and Loss Transfer Agreement. The integration will provide
the group with the potential for additional synergies. The
ratings also reflect our view of Alba Group's fair business risk
profile.
"However, the ratings are constrained by our view of the
consolidated group's aggressive financial risk profile. As of
Dec. 31, 2010, we estimate Standard & Poor's-adjusted debt at
about EUR721 million. The ratings also take into account Alba
Group's cyclical exposure in some segments -- such as steel and
metals
recycling and raw materials trading -- and its relatively high
capital intensity for a service business," S&P said.
These risks are partially mitigated by the overall favorable risk
characteristics of the consolidated group's core business of
collecting, sorting, and transporting waste (which contributes
about 80% of pro forma 2010 EBITDA) and its position as a major
regional waste management operator in Germany. Further support
for the ratings comes from Alba Group's vertically integrated
operations, which facilitate increased access to raw materials
and
provide the potential for cross-selling higher-margin services.
"In our view, Alba Group's good customer diversity should enable
it to generate and sustain adjusted FFO to debt of about 15% and
debt to EBITDA of 4.5x-5.0x. We consider these ratios to be
commensurate with the current rating. We also anticipate
sustained profitability in the near term, despite potential
volatility in revenues and profits from the steel and metals
recycling and raw materials trading businesses," S&P said.
Downside rating risk could result from ongoing economic
recession, if this were to reduce the overall profitability of
Alba Group's waste operation contracts, or if these contracts
were lost or unfavorably renegotiated. "Downside risk could also
occur if the group's financial risk profile were to deteriorate
to lower levels than we consider commensurate with the current
rating, possibly due to the weakened operating performance in the
steel and metals recycling and raw materials trading businesses,"
S&P related.
"Upside rating potential is currently limited, in our view, but
would relate to a track record of stable profitability, combined
with a sustained improvement in the group's financial risk
profile beyond our current forecasts," S&P added.
SUEDZUCKER AG: Moody's Affirms 'Ba2' Junior Subordinate Ratings
---------------------------------------------------------------
Moody's Investors Service has affirmed the issuer and senior
unsecured long-term Baa2 and short-term Prime-2 ratings of
Suedzucker AG and its wholly-owned and guaranteed subsidiary
Suedzucker International Finance B.V. as well as its Ba2
subordinated rating. At the same time, Moody's has changed the
outlook on all ratings to positive from stable.
Moody's Investors Service has affirmed the following ratings on
Suedzucker AG and its following affiliates:
LT Issuer Rating of Baa2
Commercial Paper (domestic currency) ratings of P-2
Suedzucker International Finance B.V.
Commercial Paper (domestic currency) ratings of P-2
BACKED Senior Unsecured (domestic currency) ratings of Baa2
BACKED Junior Subordinate (domestic currency) ratings of Ba2
RATINGS RATIONALE
"The action reflects the continued improvement in Suedzucker's
operating performance since fiscal year (FY) 2007/08 and the
conservative financial policy during the period which enabled a
strengthening of credit metrics", says Sebastien Cieniewski,
Moody's lead analyst for Suedzucker. The action reflects also the
improved visibility as well as favorable outlook for Suedzucker's
sugar segment in the short- to medium-term.
All of Suedzucker's segments experienced an improved operating
performance in FY 2010/11. Sugar, Suedzucker's largest segment
representing 53.2% of group revenues, saw its operating profit
increase by 29.8% to EUR282 million in FY 2010/11 in the absence
of restructuring charges following the end of the restructuring
phase of the EU sugar market and a favorable pricing environment.
This positive operating performance has enabled Suedzucker to
decrease its leverage (gross debt to EBITDA, as adjusted by
Moody's) to 2.5x in 2010/11 from 3.4x in 2009/10, while its
retained cash flow (RCF)/net debt ratio increased to 29.4% from
21.1%. Q1 2011/12 results confirmed this positive trend.
The Baa2 rating continues to reflect the group's scale and
leading position in the production of beet sugar in Europe as
well the diversification of the business in Special Products,
CropEnergies and Fruit segments. In addition, the rating
incorporates the group's healthy liquidity profile as of Q1
2011/12 with EUR537.4 million of cash & cash equivalents and
EUR162.6 million of short-term securities (Moody's does not
include long-term securities in cash & cash equivalents) and full
availability under their EUR600 million 5-year syndicated
revolving credit facility.
However, the rating remains constrained by Suedzucker's exposure
to commodity price fluctuations, in particular in its Specialty
Products, CropEnergies and Fruit segments. For FY 2011/12, the
company expects a decrease in the operating profit generated in
the Special Products segment as increasing volumes will not fully
offset the full year effect of raw material cost increases.
The positive outlook reflects Moody's expectation that
Suedzucker's credit metrics should further strengthen as the
company delivers on its business plan given favorable dynamics in
its main sugar market. Moody's ratings assume the maintenance of
conservative financial policies and the absence of any material
debt-financed acquisitions.
Upward rating pressure would require that Suedzucker demonstrates
its ability to maintain credit metrics commensurate with the Baa1
rating category on a sustainable basis, evidenced for instance by
Debt/EBITDA comfortably below 3.0x and RCF/net debt above 25%, on
the back of supportive industry conditions. Negative pressure on
the rating is not currently expected in view of today's action.
However, the outlook could be stabilized if Suedzucker's
operating performance deteriorates and translates into a
Debt/EBITDA above 3.0x and RCF/net debt below 25% on a sustained
basis.
PRINCIPAL METHODOLOGY
The principal methodology used in rating Suedzucker AG was the
Global Food - Protein and Agriculture Industry Methodology
published in September 2009.
Based in Mannheim, Germany, Suedzucker AG is Europe's largest
sugar producer. It additionally operates in the Special Products,
CropEnergies and Fruit segments and posted EUR6.2 billion in
revenues for the year ending February 2011.
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G R E E C E
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AXIA III: Moody's Withdraws B1 Rating on EUR1670.1MM Class Notes
----------------------------------------------------------------
Moody's Investors Service has withdrawn the credit rating of Axia
III Finance Plc, a Greek ABS securitization of assets originated
and serviced by Piraeus Bank (B3, Non-Prime). Immediately prior
to the rating withdrawal, the transaction was rated B1(sf).
Details on the affected notes are:
Issuer: Axia III Finance Plc
-- EUR1670.1M A Notes, Withdrawn (sf); previously on Jul 29,
2011 B1 (sf) Placed Under Review for Possible Downgrade
RATINGS RATIONALE
Moody's has withdrawn the rating for its own business reasons.
The principal methodology used in this rating was Moody's
Approach to Rating CDOs of SMEs in Europe published in February
2007.
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I C E L A N D
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LANDSBANKI ISLANDS: Credit Suisse May be Tapped for Advice on Bid
-----------------------------------------------------------------
Andrea Felsted at The Financial Times reports that Wm Morrison is
close to appointing Credit Suisse to advise the supermarket chain
on whether to join the bidding for Iceland Foods.
The frozen food specialist has been put up for sale by its
majority Icelandic owners with a GBP1.5 billion price tag, the FT
discloses.
Malcolm Walker, Iceland founder and chief executive, who with
other management holds a 23% stake, is widely expected to make an
offer for the chain, if he can secure it for a reasonable price,
the FT states. But Morrison, which is building a convenience
store business under Dalton Philips, chief executive, is seen as
another possible bidder for the value supermarket, the FT notes.
Rothschild, the FT says, is advising Mr. Walker, while Bank of
America Merrill Lynch is one of the banks appointed by the
Resolution Committee of Landsbanki to sell its 67% stake in
Iceland Foods.
The expected appointment of Credit Suisse does not mean that
Morrison is definitely preparing a bid, according to the FT. It
would need a banking adviser if Iceland Foods were to be snapped
up by a rival, the FT states.
The FT relates that several other bankers and executives have
said Morrison's interest in Iceland is cooling.
According to the FT, people close to the situation insisted
Morrison had yet made no banking appointment and it was still
possible that plans to hire Credit Suisse could hit a snag.
Mr. Walker made a GBP1 billion bid for Iceland Foods in 2010, the
FT recounts. Any fresh bid is unlikely to be pitched
significantly above his last offer, the FT says.
About Landsbanki Islands
Landsbanki Islands hf, also commonly known as Landsbankinn in
Iceland, is an Icelandic bank. The bank offered online savings
accounts under the "Icesave" brand. On October 7, 2008, the
Icelandic Financial Supervisory Authority took control of
Landsbanki and two other major banks.
Landsbanki filed for Chapter 15 protection on Dec. 9, 2008
(Bankr. S.D. N.Y. Case No.: 08-14921). Gary S. Lee, Esq., at
Morrison & Foerster LLP, represents the Debtor. When it filed
for protection from its creditors, it listed assets and debts of
more than US$1 billion each.
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I R E L A N D
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BROMLEY COMMUNICATIONS: Faces Liquidation on August 25
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Gavin Daly at The Sunday Business Post Online reports that
Bromley Communications, the firm which was rescued from
examinership by technology millionaire Pat McDonagh and business
adviser Pearse Farrell five years ago, has called a creditors'
meeting, after running into funding difficulties.
The company, the Post.ie says, looks set to be wound up at the
meeting on August 25.
According to the Post.ie, the company's latest accounts, for the
12 months to the end of April 2008, suggest that it had traded
profitably, with accumulated losses falling by almost EUR125,000
to EUR691,756. The Post.ie relates that auditors to the firm
noted a "fundamental uncertainty" over its future, which they
said "depends upon funding".
The Post.ie notes that the accounts stated: "The future viability
of the company is based on the continued support of its
creditors, bankers, shareholders and the company directors."
Bromley is listed for strike-off at the Companies Office after
failing to file recent accounts, the Post.ie discloses.
Bromley Communications develops software for the hospitality
sector.
EIRLES FOUR: Fitch Withdraws 'Dsf' Ratings on Three Tranches
------------------------------------------------------------
Fitch Ratings has downgraded and withdrawn Eirles Four Limited
and Tsar 08 Portfolio CDS, as follows:
Eirles Four Limited
-- Series 77 (XS0182314251): downgraded to 'Dsf' from 'Csf';
rating withdrawn
-- Series 76 (XS0182314178): downgraded to 'Dsf' from 'Csf';
rating withdrawn
-- Series 75 (XS0182314418): downgraded to 'Dsf' from 'Csf';
rating withdrawn
Tsar 08 Portfolio CDS
-- Class C portfolio credit default swap: downgraded to 'Dsf'
from 'Csf'; rating withdrawn
-- Class D portfolio credit default swap: downgraded to 'Dsf'
from 'Csf'; rating withdrawn
-- Class E portfolio credit default swap: downgraded to 'Dsf'
from 'Csf'; rating withdrawn
-- Class F portfolio credit default swap: downgraded to 'Dsf'
from 'Csf'; rating withdrawn
Eirles Four Limited's Series 76 and 77 have been bought back.
Fitch believes these tranches would have eventually defaulted if
they have not been repurchased and have downgraded these tranches
to 'Dsf'.
Eirles Four Limited's Series 75 and Tsar 08 Portfolio CDS's
classes C to F have been downgraded to 'Dsf' following credit
events valuations that led to writedowns on the notes.
Fitch has withdrawn all the ratings of Eirles Four and Tsar 08
Portfolio CDS as all rated notes in the transactions' capital
structure have defaulted.
HOME PAYMENTS: Customers to be Treated Sympathetically, NCA Says
-----------------------------------------------------------------
Conor Pope at irishtimes.com that the National Consumer Agency
said customers of Home Payments Ltd will be treated
"sympathetically" by utilities and banks when next month's bills
fall due.
As reported in the Troubled Company Reporter-Europe on Aug. 9,
2011, The Journal.ie said the NCA feared 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 Aug. 5, 2011, having already ceased trading
earlier in the week, the Journal.ie related.
irishtimes.com relates that the closure of Home Payments left
2,300 consumers exposed to financial losses.
Fears that many already vulnerable people would struggle to pay
their bills this month as a result prompted the National Consumer
Agency to convene a meeting with regulatory and industry bodies
with a view to minimizing the impact of the closure,
irishtimes.com notes.
irishtimes.com relates that the meeting was attended by
representatives of the Central Bank, the credit unions, the Irish
Insurance Federation, the Irish Banking Federation, the
Commission for Communication Regulation, the Commission for
Energy Regulation, MABS, the Irish Credit Bureau, the NCA, and
KPMG and Leahy & Co who are the Court appointed liquidators of
Home Payments.
According to irishtimes.com, that National Consumer Agency chief
executive Ann Fitzgerald said customers needed to immediately
contact all banks, insurance companies, utility companies and any
other organisations they were making payments to through Home
Payments. "The NCA has been assured that customers will be
treated sympathetically and receive help to manage their
payments."
Ms. Fitzgerald, as cited by irishtimes.com, said bills up to the
end of July have been paid and that late next week the liquidator
will issue a statement of affairs to customers advising them of
their current status.
For people who are looking for an alternative bill paying
service, the NCA said 50 credit unions in Dublin operate either
bill pay services, where customers can pay bills through their
credit union, or budget accounts.
irishtimes.com notes that Ms. Fitzgerald said that customers of
the company who are in financial difficulty should contact the
local office of the Money and Budgeting Advice Service to get
help with budgeting and managing their money if they need it.
"It is important at this stage that affected consumers look at
all the bills that are outstanding or due to be paid and not
allow themselves to come under pressure to pay any one provider
that is demanding payment," irishtimes.com quotes Ms. Fitzgerald
as saying.
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.
IRISH LIFE: Shareholder Drops Challenge Over Recapitalization
-------------------------------------------------------------
Aodhan O'Faolain and Simon Carswell at The Irish Times report
that Nigel Bunting, one the Irish Life & Permanent shareholders
suing the Government over the recapitalization of the bank and
the wiping out of their investment, has abandoned his legal
challenge.
According to The Irish Times, the High Court was told that
Mr. Bunting had settled his action aimed at overturning or
varying the orders obtained by the Minister for Finance last
month. The orders allowed the Minister to inject EUR2.7 billion
into Irish Life & Permanent giving the State a shareholding of
more than 99% of the company and control of a fifth Irish bank,
The Irish Times discloses.
The Irish Times relates that a spokesman for the Minister said no
payment was made to Mr. Bunting under the settlement.
Mr. Justice Murphy agreed to strike out the action with no orders
for costs, The Irish Times recounts. No further details of the
settlement were revealed, The Irish Times notes.
The spokesman, as cited by The Irish Times, said Mr. Bunting and
related parties had agreed not to take any further action against
the State. He said that two other challenges, taken by
investment fund Horizon Growth -- which acquired six million
shares between February and July 2011 -- and Malta hedge fund
Scotchstone Capital, in conjunction with other individuals, were
proceeding, The Irish Times states.
Mr. Bunting, The Irish Times says, had claimed the Minister's
actions were unreasonable and unlawful, that the shareholders'
stake in IL&P had been overwhelmingly diluted and their rights
"have been abrogated without any consultation".
Headquartered in Dublin, Irish Life & Permanent plc --
http://www.irishlifepermanent.ie/-- is a provider of personal
financial services to the Irish market. Its business segments
include banking, which provides retail banking services;
insurance and investment, which includes individual and group
life assurance and investment contracts, pensions and annuity
business written in Irish Life Assurance plc and Irish Life
International, and the investment management business written in
Irish Life Investment Managers Limited; general insurance, which
includes property and casualty insurance carried out through its
associate, Allianz-Irish Life Holdings plc, and other, which
includes a number of small business units.
OPERA FINANCE: Fitch Downgrades Rating on Class D Notes to 'Csf'
----------------------------------------------------------------
Fitch Ratings has downgraded Opera Finance (CMH) p.l.c.'s EUR375
million commercial mortgage-backed floating-rate notes due 2015
as follows:
-- EUR250m Class A (ISIN: XS0241931442): downgraded to 'BBBsf'
from 'Asf'; placed on Rating Watch Negative (RWN)
-- EUR50m Class B (ISIN: XS0241934628): downgraded to 'CCCsf'
from 'BBsf'; assigned a Recovery Rating of 'RR2'
-- EUR40m Class C (ISIN: XS0241935195): downgraded to 'CCsf'
from 'CCCsf'; assigned 'RR6'
-- EUR35m Class D (ISIN: XS0241935609): downgraded to 'Csf'
from 'CCsf'; assigned 'RR6'
The downgrades are driven by the continued downward pressure on
Irish commercial property rents and the softening of yields. The
resultant Fitch securitized loan to value ratio (LTV) has
increased to 132% from 110% at the time of Fitch's previous
rating action in December 2010. Fitch expects partial losses on
the class B notes and full losses on the class C and D notes.
Given passing rents are on average above market values, the class
A notes have been placed on RWN pending further details on a
proposal to abolish upward-only rent reviews of business leases
due to be heard in the Irish parliament in the autumn.
The portfolio was re-valued by DTZ in February 2011 (reporting a
13% decline from the February 2010 valuation). The reported
securitized/whole loan LTVs are now 129% and 158%, respectively.
Full losses are expected on the EUR85 million junior loan, which
was transferred to NAMA in 2010. The reported value is now 54%
below DTZ's October 2008 peak valuation. Fitch estimates a
portfolio value of EUR283 million, slightly below the reported
value due to the use of a higher cap rate for the Stillorgan
shopping centre. In Fitch's view, prospective buyers of the
property would demand an initial yield in excess of 9%.
There remains significant uncertainty surrounding the effect of
the proposed removal of upward-only lease terms. While this may
be a positive for many of the country's beleaguered businesses,
it may put further pressure on the Irish commercial real estate
sector (and is already contributing to the dearth of investment
transactions this year). Although details of the proposal are
yet to be finalized, it may have a further negative impact on the
value of the portfolio, with a possible rating implication for
the class A notes.
Opera Finance (CMH) p.l.c. is a single-borrower securitization
that closed in February 2006. The EUR375 million interest-only
loan is secured over 16 properties located in Ireland, with an
initial aggregate market value of EUR570 million (currently
EUR291.5 million). Expected maturity is in January 2013, while
legal final maturity is in January 2015.
SUNDAY TRIBUNE: Rights Commissioner Recognizes Workers' Rights
--------------------------------------------------------------
The Irish Times reports that seven former Sunday Tribune workers
have had their employment status recognized after they took cases
to a Rights Commissioner.
The decision clears the way for the workers to apply for
redundancy payments and other entitlements from the State
Insolvency Fund, according to The Irish Times.
According to the report, the National Union of Journalists said
that because the newspaper had regarded the seven as "freelance"
or as "contributors" rather than staff, they had been advised
they would not be entitled to apply for such redundancy payments.
The Irish Times relates that the NUJ challenged the employment
status of the group and a Rights Commissioner has upheld the view
of the union that the workers had full entitlements, comparable
to those of their colleagues.
Irish secretary of the union Seamus Dooley said the adjudication
meant the receiver would now be required to add the seven workers
to those seeking payment under the fund, The Irish Times notes.
"The ruling vindicates the NUJ view that these people were
employees working under the control and direction of the Sunday
Tribune editorial management," The Irish Times quotes Mr. Dooley
as saying. "It will be delayed justice because the waiting list
is so long but it will hopefully ensure justice for the workers.
I have no indication that the recommendation will be appealed and
we hope to work with the receiver to ensure the process is made
as simple as possible for the workers involved."
The Irish Times notes that former employees are still awaiting
payment of their statutory redundancy entitlement due to a
backlog of such claims on the State Insolvency Fund.
The NUJ renewed its calls to Independent News and Media (INM) --
the Tribune's parent company -- to make ex gratia payments to all
Sunday Tribune employees, The Irish Times states.
According to The Irish Times, NUJ vice president Barry McCall
noted the receiver, Jim Luby, had recently settled a case against
the Irish Mail on Sunday over a front page it published after the
Tribune's demise. The sum involved was about EUR150,000.
Mr. McCall, as cited by The Irish Times, said the settlement
meant INM would not have to fund all of the costs of
receivership.
"In these circumstances there is no justification for INM, as the
controlling shareholder, not making ex gratia payments to staff.
It should not be left to the tax payer to make redundancy
payments," The Irish Times quotes Mr. McCall as saying.
As reported in the Troubled Company Reporter-Europe on February
4, 2011, RTE ten said that a receiver has been appointed to the
Sunday Tribune after 29.9% shareholder Independent News & Media
decided that it could no longer fund the weekly paper. According
to RTE, Independent News & Media will fund staff salaries until
the end of February and will also finance the receivership
process.
The Sunday Tribune is an Irish Sunday broadsheet newspaper
published by Tribune Newspapers plc. Independent News & Media
has been an investor in the Sunday Tribune since 1992.
=========
I T A L Y
=========
BANCASAI SPA: S&P Affirms 'BB+/B' Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' long- and
short-term counterparty credit ratings on Italian bank BancaSai
SpA. At the same time, the ratings were removed from CreditWatch
with negative implications, where they had originally been placed
on Dec. 1, 2010. The outlook is negative.
"The affirmation reflects our view that BancaSai's capital
position and its capacity to recover profitability support the
current ratings. We incorporate into BancaSai's stand-alone
credit profile of 'bb' a high level of activity and funding
related to parent company Italian insurer Fondiaria-SAI (BBB-
/Stable/--). Constraining rating factors include, in our opinion,
high credit risk and structurally low profitability," S&P
related.
The bank is now in the process of reviewing its business model in
order to focus more on retail activities and on increasing the
share of services it provides to the parent's insurance business,
for example premium financing, payment services to the insurance
agent network, and management of assets deriving from the
parent's premium collection. In addition, BancaSai is going
through a restructuring process in order to reduce credit risk
and gradually trim down its corporate loan book. "We view the
bank's enterprise risk management (ERM) as adequate and closely
integrated with that of Fondiaria-SAI," S&P said.
"The negative outlook reflects the possibility that we could
lower the ratings if we believe that BancaSai's asset quality and
earnings in 2011 are likely to be significantly worse than our
current base-case expectation," S&P related.
"Our base-case includes a net inflow of NPA of 1.6% of total
loans. It also factors in our expectation that BancaSai's
profitability will reach at least break even in 2011 after the
losses reported in 2010. Our expectation takes into account the
capacity of the bank to restructure its business model, enhance
its revenue generation, and reduce operating costs. Failure to
deliver this expectation would trigger a negative rating action,"
S&P said.
Conversely, a revision of the outlook to stable could result if
the bank is able to prove its ability to reduce problem assets to
a more manageable level and to recover adequate profitability in
the next two years, and if Italian economic conditions improve.
DEXIA CREDICOP: Fitch Affirms 'bb-' Viability Rating
----------------------------------------------------
Fitch Ratings has maintained Dexia Crediop S.p.A.'s Long-term
Issuer Default Rating (IDR) of 'A', Short-term IDR of 'F1' and
Support Rating of '1' on Rating Watch Negative (RWN). The
ratings were originally placed on RWN in February 2010. The
agency has also affirmed Crediop's Viability Rating at 'bb-' and
Individual Rating at 'C/D'.
Crediop's IDRs and Support Rating are based on Fitch's
expectation that the bank would receive support from its majority
shareholder, Dexia Credit Local ('A+'/Stable). The RWN reflects
the agreement reached in February 2010 between France, Belgium
and Luxembourg and the European Commission for Dexia to sell its
stake in Crediop by October 31, 2012. Fitch expects to resolve
the RWN once more information regarding Crediop's future
ownership is available. The agency notes that in the current
market environment, a sale of Crediop in the short-term appears
unlikely, and that it expects Dexia to continue to provide
support for Crediop to maintain the bank's franchise in Italian
public sector lending.
Crediop's Viability Rating reflects the bank's undiversified
business model, which to some extent requires access to cheap
funding. Since 2009, Crediop has refocused its business model
and has made significant progress in reducing its balance sheet
by selling non-core assets and improving its funding structure.
Nevertheless, the bank requires access to institutional short-
term funding, which is facilitated by the availability of an
ample portfolio of securities that are eligible for refinancing
transactions with the European Central Bank. The bank's
performance in H111 improved, and the bank reported EUR42 million
net income for the period, compared to EUR31 million in H110.
===================
K A Z A K H S T A N
===================
NOMAD INSURANCE: Fitch Assigns 'B-' Insurer Fin'l Strength Rating
-----------------------------------------------------------------
Fitch Ratings has assigned JBC Insurance Company NOMAD Insurance
an Insurer Financial Strength (IFS) rating of 'B-' and a National
IFS rating of 'BB-(kaz)'. The Outlook for both ratings is
Stable.
The ratings reflect challenges related to NOMAD's rapid growth in
the competitive Kazakh insurance sector, the insurer's increasing
concentration on one line -- compulsory motor third party
liability (MTPL), significantly dependent on the government
regulation, and the weakening of NOMAD's risk-adjusted capital
position. The ratings also take into account the track record of
stable, although moderately declining, underwriting
profitability, the acceptable quality of the investment portfolio
and NOMAD's compliance with the local regulatory capital
requirements.
Fitch is concerned about NOMAD's aggressive growth, which
depletes the insurer's capital adequacy despite earnings
generated by the underwriting activity. The compound average
growth rate of NOMAD's net premiums written (NPW) amounted to 65%
in 2006-2010, with growth particularly accelerating in 2010 and
H111. The key sources of NOMAD's expansion have been compulsory
MTPL and single large commercial property and casualty accounts.
According to the agency's internal assessment, NOMAD's current
risk-adjusted capital position may be insufficient to support the
insurer's rapid growth in the medium term, should the growth rate
remain the same. Fitch notes that NOMAD may need to either get
external capital injections or slow the growth down to prevent
further erosion of its risk-adjusted capital position. At the
same time, the agency notes that NOMAD is owned by an individual
shareholder and it is therefore difficult to assess the insurer's
financial flexibility.
Fitch notes that like many of its local peers, NOMAD faces
deterioration of the underwriting result in 2011. This is to
some extent fuelled by the changes in the reserving methodology
prescribed by the regulator from 2011. Fitch also notes that
NOMAD's combined ratio has recently been pressured by the
increasing loss activity in one of the insurer's key lines --
compulsory MTPL. This trend represents a concern for Fitch,
particularly taking into account NOMAD's aggressive growth in the
segment. The agency understands that at present MTPL pricing in
Kazakhstan is fully regulated by the government, which suggests
that potential adjustment of the current inflated tariffs or
their potential liberalization in the medium term may have a
major impact on NOMAD's operations.
Fitch sees NOMAD's high appetite for the market share in the MTPL
segment as a major risk for the insurer. Since a significant
increase of MTPL tariffs by the regulator in H207, NOMAD's market
share has grown to 15.5% in 5M11 from 1.6% in 2007 and the line's
weight in the insurer's NPW to 47% from 3% in the same period.
Fitch understands that this growth has taken place in a highly
competitive environment, where the competition primarily evolved
in the acquisition field. At the same time, the agency notes
that to some extent, NOMAD's growth has been supported by the
insurer's achievements in the sales process development and its
IT support.
NOMAD has demonstrated strong operating performance since at
least 2006 with underwriting operations being the key source of
profit. The insurer's investment income has also been positive,
but less perceptible for the operating result.
NOMAD's property and casualty portfolio has a number of
significant concentrations with a few single large accounts
forming a notable part of GPW in 2006-2010. The net exposure of
the insurer's portfolio to these accounts is considerably lower,
as these risks are predominantly ceded to strong international
reinsurers. Nevertheless, Fitch believes that reinsurance
commissions received by NOMAD on these accounts have made a
perceptible contribution to the insurer's net underwriting
result. The agency also understands that some of the major
policies with low loss activity may not be renewed in future
periods, which may significantly affect NOMAD's overall
underwriting performance. Therefore, the insurer is significantly
exposed to risks of loss of large customers.
NOMAD's investment portfolio is prudently structured with equity
instruments accounting for less than 1% at end-5M11. At the same
time, Fitch notes that the portfolio diversification by industry
is low with 81% of investments concentrated in Kazakhstan's
banking sector. To some extent, this is explained by the
relative narrowness of the Kazakh investment market. Fitch also
notes that the credit quality of the insurer's portfolio is
moderate, which is a reflection of Kazakhstan's country ceiling
and strength of the local banking system.
=====================
N E T H E R L A N D S
=====================
ORYX EUROPEAN: Moody's Upgrades Rating on Class D Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of these notes
issued by ORYX European CLO B.V.:
-- EUR267M Class A Senior Floating Rate Notes due 2020,
Upgraded to Aaa (sf); previously on Jun 22, 2011 Aa1 (sf)
Placed Under Review for Possible Upgrade
-- EUR34.25M Class B Senior Floating Rate Notes due 2020,
Upgraded to Aa3 (sf); previously on Jun 22, 2011 A3 (sf)
Placed Under Review for Possible Upgrade
-- EUR18M Class C Senior Subordinated Deferrable Floating Rate
Notes due 2020, Upgraded to A3 (sf); previously on Jun 22,
2011 Ba1 (sf) Placed Under Review for Possible Upgrade
-- EUR30.75M Class D Senior Subordinated Deferrable Floating
Rate Notes due 2020, Upgraded to Ba1 (sf); previously on
Jun 22, 2011 B1 (sf) Placed Under Review for Possible
Upgrade
Ratings Rationale
ORYX European CLO B.V., issued in September 2005, is a multi-
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by AXA Investment Managers, Paris. This transaction will
be in reinvestment period until 22 November 2011. It is
predominantly composed of senior secured loans (89.8%).
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.
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 December 2009. For June 2011 the Class
A/B, Class C and Class D overcollateralization ratios are
reported at 131.1%, 123.6% and 112.6%, respectively, versus
November 2009 levels of 125.7%, 118.5% and 108.0%, respectively,
and all related overcollateralization tests are currently in
compliance.
WARF has increased from 2,491 to 2,990 between November 2009 and
June 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
about EUR 4.1 million of the underlying portfolio compared to EUR
11.6 million in November 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 386.5
million, defaulted par of EUR 4.1 million, a weighted average
default probability of 21.5% (consistent with a WARF of 3,019), a
weighted average recovery rate upon default of 45.9% for a Aaa
liability target rating, and a diversity score of 34. The default
probability is derived from the credit quality of the collateral
pool and Moody's expectation of the remaining life of the
collateral pool. The average recovery rate to be realized on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 89.8% 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.
The deal is allowed to reinvest and the manager has the ability
to deteriorate the collateral quality metrics' existing cushions
against the covenant levels. However, in this case given the
limited time remaining in the deal's reinvestment period, as part
of its base case Moody's analyzed the impact of assuming weighted
average spread consistent with the midpoint between reported and
covenanted values.
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 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) Deleveraging: The main source of uncertainty in this
transaction is the pace at which the deleveraging from
unscheduled principal proceeds takes place. Deleveraging may
accelerate due to high prepayment levels in the loan market
and/or collateral sales by the manager, which may have
significant impact on the notes' ratings.
2) Moody's also notes that around 64% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.
3) Recovery of defaulted assets: Market value fluctuations in
defaulted assets reported by the trustee and those assumed to
be defaulted by Moody's may create volatility in the deal's
overcollateralization levels. Further, the timing of
recoveries and the manager's decision to work out versus sell
defaulted assets create additional uncertainties. Moody's
analyzed defaulted recoveries assuming the lower of the market
price and the recovery rate in order to account for potential
volatility in market prices.
5) 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.
6) The deal has significant exposure to non-EUR denominated
assets while all the notes are denominated in EUR. The risk
associated with this mismatch is covered by a cross currency
macro swap hedging strategy.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's EMEA
Cash-Flow model.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record,
and the potential for selection bias in the portfolio. All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.
===========
R U S S I A
===========
COMMERCIAL BANK: Moody's Affirms E+ Bank Finc'l. Strength Rating
----------------------------------------------------------------
Moody's Investors Service has affirmed the standalone E+ bank
financial strength rating ("BFSR", which maps to B2 on the long-
term scale) and B2/Not Prime long-term and short-term local and
foreign currency deposit ratings of Commercial Bank
Agropromcredit ("APC"). The outlook on all of the global scale
ratings is stable.
Moody's assessment is primarily based on APC's audited financial
statements for 2010 prepared under IFRS, signed on June 30, 2010.
Ratings Rationale
According to Moody's, APC's ratings are constrained by the
following: (i) the bank has been operationally loss-making in
2010 owing to deleveraging in crisis times and a slow generation
of new business after the global financial crisis; (ii) its
corporate franchise is largely confined to those companies
related to the energy sector which is significantly dependant on
its shareholder, resulting in significant concentration levels
(e.g. the top 20 borrowers and depositors accounting for over 90%
of corporate loans and over 80% of corporate deposits); (iii) low
economies of scale make it increasingly difficult to compete with
stronger banks for core customers, in terms of both funding and
lending, thus leading to substantial loss of business
opportunities in 2009-2010; and (iv) potential corporate
governance issues translating into concerns about shareholder
financing.
At the same time, Moody's observes that the ratings are supported
by (i) APC's historically adequate capitalization with the total
capital adequacy ratio (CAR) being above 20% during the last
several years; (ii) the bank's developed retail business and
regional diversification; (iii) moderate risk appetite reflected
in low market risks and cautious approach to lending; and (iv)
the better-than-average asset quality of the bank's corporate and
retail loan book (e.g. NPLs in the corporate loan book do not
exceed 2% of the corporate loan book while the loss rate for the
retail loan portfolio does not exceed 5%) as a result of lending
to companies adjacent to the energy sector (which has not
exhibited significant pro-cyclical behavior) and focusing on
retail lending to the employees of APC's corporate customers.
Moody's explained that APC's ratings do not have upward potential
in the short to medium term. However, success in growth and
diversification of business, accompanied by improvement in
financial fundamentals, is likely to exert upward pressure on the
ratings. On the contrary, negative pressure on APC's ratings
could result from significant asset quality and/or liquidity
concerns. The inability to improve its franchise, as a result of
weaker competitive power relative to larger banks, could also
represent a negative rating driver. Downward pressure could also
be exerted on the ratings as a result of a significant increase
in APC's risk appetite -- illustrated by lending to higher-risk
sectors as the bank is facing growing competition in its primary
sectors. APC's inability to improve its recurring profitability
in 2011 could also result in a negative rating action.
PREVIOUS RATING ACTIONS AND PRINCIPAL METHODOLOGIES
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in
March 2007. Please see the Credit Policy page on www.moodys.com
for a copy of these methodologies.
Domiciled in Moscow, APC reported -- as at December 31, 2010 --
total IFRS (audited) assets of approximately US$700 million and
total equity of approximately US$110 million. The bank's net
income for 2010 amounted to approximately US$800,000.
CONTINENT AIRLINES: More Than 100 Passengers Stranded in Abakan
---------------------------------------------------------------
Itar-Tass reports that more than 100 passengers of the bankrupt
Continent Airline have been stranded in Abakan for almost two
weeks.
A source at the Abakan airport told Itar-Tass on Friday that the
airport administration and the city authorities know the precise
number of the stranded Continent passengers.
"Airport service have no such information, but there are still
plenty of passengers waiting for transportation to Norilsk,"
Itar-Tass quotes the source as saying.
Small groups of passengers boarded planes of other airlines until
Friday, Itar-Tass discloses. It was announced in the end that
the remaining passengers would have to buy new tickets, Itar-Tass
notes.
According to Itar-Tass, airport acting general director Sergei
Tuchkin said that attempts to resolve the situation with the help
of the Krasnoyarsk territorial authorities proved abortive.
Other airlines refused to take aboard Continent passengers on
Friday, Itar-Tass states.
Nevertheless, representatives of the Khakassia Transport Ministry
said they resolved the problem, Itar-Tass notes. A Tupolev
Tu-154 was set to transport the remaining passengers to Norilsk
yesterday, Itar-Tass discloses.
The Transport Clearing Chamber ordered ticket offices to pay
refunds, Itar-Tass says. Passengers who bought tickets online
would have to appeal to courts for returning their money,
Itar-Tass notes.
As reported by the Troubled Company Reporter-Europe, Itar-Tass
related that on July 29, Continent declared bankruptcy, after
which its Air Operator Certificate was revoked, Itar-Tass
recounts. This is due to the termination of refuelling of the
Continent airline at Russian airports because of the lack of
needed funding, Itar-Tass disclosed. The air carrier's debt to
airports was RUR32 million, according to Itar-Tass. After the
revocation of the certificate by the Federal Air Transport Agency
(Rosaviatsiya), the company suspended flight from July 30, Itar-
Tass said. As a result, in the period from July 29 to July 31
alone, a total of 69 flights were cancelled that were supposed to
carry over 3,000 passengers, Itar-Tass stated.
GAZPROMBANK: S&P Lifts LT Counterparty Credit Rating to 'BB+'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit rating on Russia's third largest bank,
Gazprombank, to 'BB+' from 'BB', affirmed its short-term
rating at 'B', and raised its Russia national scale ratings to
'ruAA+' from 'ruAA'. The outlook is stable.
"The upgrade reflects our view that Gazprombank's stand-alone
credit profile has improved to 'b+' from 'b', because of its
improved credit portfolio, decreased appetite for market risk,
and enhanced funding position," S&P related.
In 2010, the process of divesting non-core assets gained momentum
with Gazprombank's sale of a stake in SIBUR Holding, decreasing
its ownership to non-controlling, and its controlling stake in
Sibneftegaz. "We believe the group might sell the remaining
49.98% of SIBUR Holding it still owns in 2011," S&P said.
"We consider Gazprombank to be a government-related entity (GRE).
In accordance with our criteria for rating GREs, our view of the
'high' likelihood of timely and sufficient extraordinary
government support is based on our assessment of Gazprombank's
'very important' role as a bank of high systemic importance, its
significant role in government support initiatives for the
domestic banking sector and economy, and its role in servicing
Gazprom's operations. We believe it has 'strong' links with the
Russian Federation through Gazprom's ownership, as demonstrated
by a consistent track-record of government support. Based on our
methodology for GREs, Gazprombank's long-term rating incorporates
a three-notch uplift above its stand-alone credit profile. The
stable outlook reflects our expectation that Gazprombank's asset
quality indicators will remain better than the Russian banking
system average, adequate measures will be undertaken to increase
the equity of the bank in proportion to the growth of risky
assets, and earnings structure will gradually improve as core
commercial banking revenues increase and volatility and market
risk decrease," S&P said.
"We could take a positive rating action if the bank sizably
improved its capitalization while maintaining other major
financial indicators at current levels or higher. Further sales
of noncore assets and a substantial improvement in the revenue
structure toward a higher share of recurring revenues from
commercial banking activities would also be positive rating
factors," S&P related.
"We would consider lowering the ratings on the bank if current
levels of capitalization fell and asset quality and profitability
dropped. Other potentially negative developments would be a
significant weakening in the risk profile of the bank and the
return of high market risk appetite or any kind of change that
would weaken its ties with and support from the Russian
government," S&P added.
METALLURGICAL COMM'L: Moody's Assigns 'B3' Sr. Unsec. Debt Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 long-term global
local currency senior unsecured debt rating to Metallurgical
Commercial Bank (Metcombank). The rating carries a positive
outlook. Any subsequent senior debt issuance by Metcombank will
be rated at the same rating level, subject to there being no
material change in the bank's overall credit rating.
The debt rating of B3 was assigned to these debt instruments:
- RUB900 million Senior Unsecured Regular Bond, due
November 26, 2013
- RUB1.500 billion Senior Unsecured Regular Bond, due
August 2, 2014
Ratings Rationale
The debt rating assigned by Moody's is in line with Metcombank's
global local currency (GLC) deposit rating of B3 which is, in
turn, based on the bank's standalone E+ BFSR (mapping to B3 on
the long-term scale). In accordance with Moody's Joint-Default
Analysis methodology, the rating does not incorporate any
expectation of systemic or shareholder support for Metcombank in
case of need.
Moody's observes that Metcombank's rating is constrained by the
bank's low visibility on the market and large credit and funding
risk concentrations on its balance sheet. At the same time the
rating is underpinned by (i) its close co-operation with, and
dependence on Russia's largest steel producer OAO Severstal
(rated Ba2, stable outlook) and (ii) the bank's good financial
indicators.
An upgrade of Metcombank's B3 ratings would be contingent on (i)
the bank's ability to diversify its funding base away from the
largest related-party depositor, (ii) further improvements in
diversification of its loan portfolio, and a decline in related-
party lending and (iii) the bank's ability to maintain good
financial indicators -- especially in asset quality, in the
context of a rapidly growing retail and SME loan book.
PRINCIPAL METHODOLOGIES
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.
Headquartered in the City of Cherepovets, North-West region of
Russia, Metcombank reported total audited IFRS assets of RUB19.7
billion (US$648 million) and net income of RUB245 million (US$8.1
million) as at year-end 2010.
NATIONAL STANDARD: Moody's Affirms 'B3' Long-Term Deposit Ratings
-----------------------------------------------------------------
Moody's Investors Service has affirmed National Standard Bank's
(NS-Bank) B3 long-term local and foreign-currency deposit
ratings, its standalone E+ bank financial strength rating (BFSR)
and Not Prime short-term bank deposit ratings.
Concurrently, Moody's Interfax Rating Agency has affirmed NS-
Bank's Baa3.ru long-term national-scale credit rating (NSR).
Moscow-based Moody's Interfax is majority owned by Moody's, a
leading global rating agency. The outlook on the long-term global
scale ratings is stable, whilst the NSR carries no specific
outlook.
Moody's affirmation of the bank's ratings is largely based on NS
Bank's audited financial statements for 2010 prepared under IFRS,
as well as the bank's unaudited regulatory reports for H1 2011.
Ratings Rationale
NS-Bank's E+ BFSR, which translates into a baseline credit
assessment (BCA) of B3, reflects (i) NS Bank's underdeveloped
franchise, as a large part of the bank's business, both funding
and lending, is generated from shareholder relationships; (ii)
modest profitability, with annualized ROA of 0.8% for H1 2010;
(iii) high borrower concentration as the bank's top twenty
borrowers accounted for over 350% of its equity at YE2010.
However, the rating is supported by the bank's acceptable levels
of capitalization and liquidity, as its equity-to-assets ratio
stood at 13.6% and liquid assets (including securities) made up a
third of the bank's total assets at end-H1 2011.
Moody's notes that NS-Bank's B3 global local currency deposit
rating does not incorporate any systemic support given the bank's
relatively small size and limited importance to the Russian
banking system. Consequently, it is in line with the bank's BCA
of B3.
A material improvement in the bank's franchise and corporate
governance, coupled a reduction in loan book concentration may
have positive rating implications in the medium-term.
Moody's says that a significant deterioration in the bank's asset
quality, resulting in weakening capital adequacy, might exert
downward pressure on the bank's ratings. A notable rise in
related-party lending may also have negative rating implications.
Moody's Interfax Rating Agency's National Scale Ratings (NSRs)
are intended as relative measures of creditworthiness among debt
issues and issuers within a country, enabling market participants
to better differentiate relative risks. NSRs differ from Moody's
global scale ratings in that they are not globally comparable
with the full universe of Moody's rated entities, but only with
NSRs for other rated debt issues and issuers within the same
country. NSRs are designated by a ".nn" country modifier
signifying the relevant country, as in ".ru" for Russia. For
further information on Moody's approach to national scale
ratings, please refer to Moody's Rating Implementation Guidance
published in August 2010 entitled "Mapping Moody's National Scale
Ratings to Global Scale Ratings."
About Moody's And Moody's Interfax
Moody's Interfax Rating Agency (MIRA) specializes in credit risk
analysis in Russia. MIRA is a joint-venture between Moody's
Investors Service, a leading provider of credit ratings, research
and analysis covering debt instruments and securities in the
global capital markets, and the Interfax Information Services
Group. Moody's Investors Service is a subsidiary of Moody's
Corporation (NYSE: MCO).
Previous Rating Actions and Principal Methodologies
The principal methodologies used in this rating were Bank
Financial Strength Ratings: Global Methodology published in
February 2007, and Incorporation of Joint-Default Analysis into
Moody's Bank Ratings: A Refined Methodology published in March
2007.
Headquartered in Moscow, NS-Bank reported total assets of US$1.35
billion and shareholders' equity of US$182.8 million as of end-H1
2011, according to the bank's unconsolidated regulatory financial
report.
NOMOS BANK: Fitch Raises Long-Term Issuer Default Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded Nomos Bank's Long-term Issuer Default
Rating (IDR) to 'BB' from 'BB-'. The Outlook is Stable.
The rating actions are as follows:
-- Long-term foreign and local currency IDRs: upgraded to 'BB'
from 'BB-'; Outlook Stable
-- Viability Rating: upgraded to 'bb' from 'bb-'
-- Individual Rating: upgraded to 'C/D' from 'D'
-- Short-term foreign currency IDR: affirmed at 'B'
-- National Rating: upgraded to 'AA-(rus)' from 'A+(rus)';
Outlook Stable
-- Support Rating: upgraded to '4' from '5'
-- Support Rating Floor: upgraded to 'B' from 'B-'
-- Senior unsecured debt: upgraded to BB' from 'BB-'
-- Senior unsecured local debt: upgraded to AA-(rus) from 'A+
(rus)
-- Subordinated debt: upgraded to 'BB-' from 'B+'
"The upgrade reflects Nomos Bank's strengthened franchise and
increased diversification after the consolidation of Bank of
Khanty-Mansiysk, the track record of sound profitability and
reasonable asset quality through the cycle, and currently strong
liquidity and adequate capitalization," says Vladimir Markelov,
Director in Fitch's Financial Institutions group in Moscow.
Nomos's credit profile also benefits from a track record of
support from the bank's core shareholders, the ICT and PPF
groups, during the crisis, and the increased capital flexibility
following the bank's IPO in Q211.
At the same time, the ratings consider the marked recent increase
in related party, relationship and investment lending, and a
generally more aggressive growth strategy following the crisis
and the IPO. Fitch now views capitalization as adequate, rather
than a rating strength, as previously, as equity injections
during the past 18 months have not kept pace with organic growth
and the impact of the Bank of Khanty-Mansiysk (BKM) acquisition.
Following the IPO, Fitch expects growth, capitalization and
profitability targets to be more aligned with the interests of
shareholders, which might not always be favorable for the bank's
credit profile.
Nomos's loan book generally performed better than those of its
peers during the crisis, and NPLs (loans overdue by 90 days) fell
to a moderate 2.4% of the portfolio at end-Q111. However, an
increase in higher-risk exposures after the crisis, including
loans to the real estate and construction sectors (16% of end-
Q111 loans), M&A financing (14%) and reverse repo transactions
(12%), raise the risk of a deterioration in asset quality as the
loan book seasons. Interest income accrued, but not received in
cash, was equal to 8% of total interest income in Q111 (6% in
2010 for Nomos standalone). Market risk is also significant due
to considerable reverse repo financing (much of it long-term in
nature) and an actively-traded proprietary securities book.
Nomos is among the few large privately-owned Russian banks that
remained profitable through the crisis. Its strong performance,
with recent return on equity around 20%, is underpinned by a
solid net interest margin, healthy fee and commission income and
sound efficiency. Fitch views positively the bank's performance
prospects, and expects pre-impairment profit to continue to
represent a significant buffer to absorb potential loan losses.
Nomos is primarily customer funded, and non-deposit funding is
diversified by source and tenor. Wholesale foreign refinancing
needs are not material, equal to 4% of assets to end-2012.
Liquidity is comfortable, with highly liquid assets (cash and
equivalents and unpledged securities minus the net short-term
interbank position) equal to 30% of customer balances at end-
March 2011.
Fitch estimates Nomos's post-IPO, pro-forma Basel I Tier I and
total capital ratios to be around 12% and 17%, respectively. The
bank's standalone regulatory capital ratio (12.5% at end-June
2011) is significantly lower than the Basel total capital ratio,
mainly because the RUB12bn investment in BKM is deducted from
regulatory capital. Nomos may seek to return to the equity
market to finance the purchase of the remaining 44% stake in BKM,
which is to be sold at auction by the regional government.
Overall, Fitch expects the bank's internal capital generation to
broadly keep pace with organic asset growth in the near term
(providing the operating environment remains reasonably benign),
which should support capital ratios at close to current levels.
However, a significant downturn in performance and/or further
material acquisitions following BKM would probably require that
Nomos raise new capital.
A key part of Fitch's analysis concerned the bank's related party
exposures. At end-Q111, Nomos reported RUB28bn of related party
lending, equal to 48% of core capital. In addition, net of
repayments after Q111, Fitch has identified, a further RUB29.5bn
of loans (equal to 51% of core capital), which in the agency's
view are in some way connected to the ICT group's assets or
business partners. Other high risk assets included an equity
plus debt exposure to an oil exploration project (17% of core
capital) and exposures to the Belarusian sovereign and banks,
although part of them are to subsidiaries of Russian banks and/or
secured by gold.
Fitch is concerned about the marked increase in related party and
relationship lending, and views this as a significant negative
factor in the bank's credit profile. At the same time, the
agency derives comfort from the fact that most of these
facilities represent exposures to relatively good quality
assets/projects, are generally well covered by reasonable
collateral, and have been extended on at least close to market
terms.
Fitch has been informed that the level of related party lending
has been broadly flat during 2011 to date, and the rating upgrade
reflects Fitch's expectation that such exposures will not
increase further in volume, or become more high risk, in the
future. However, the current volume of related party business
significantly constrains further upside rating potential, and any
marked expansion and/or deterioration in related party and
relationship lending could lead to negative rating action.
The upgrades of the Support Rating and Support Rating Floor bring
them into line with the ratings of other comparably-sized Russian
privately-owned banks, and reflect the moderate probability of
support from the Russian authorities, if needed, in light of
Nomos's expanded franchise.
* KOSTROMA REGION: Fitch Affirms 'B+' Long-Term Currency Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Russia's Kostroma Region's Long-term
foreign and local currency ratings at 'B+', Short-term foreign
currency rating at 'B' and National Long-term rating at 'A(rus)'.
The Outlooks on the region's Long-term ratings are Stable. The
rating action also affects the region's outstanding debt issues.
The region's ratings factor in its short-term debt maturity
profile, relatively low contingent liabilities and an expected
improvement of budgetary performance in 2011 thanks to the
overall macro-economic recovery. However, the ratings also
factor in the region's growing level of debt in 2010-2011 and
weak cash position.
Fitch notes that positive rating action is subject to restoration
of a sound budgetary performance with margins above 5% coupled
with the reduction of indebtedness alongside the prolongation of
the maturity profile. Conversely, deterioration of operating
performance with a lower than expected level of margins leading
to significant deterioration of debt and debt coverage ratios
would put negative pressure on the ratings.
Fitch expects 5%-6% yoy expansion of the local economy in 2011,
after it increased by 6.5% yoy in 2010. The region's economic
profile is weaker than that of an average Russian region -- per
capita gross regional product (GRP) was 73% of the national
median in 2009. Kostroma's historically determined weak economic
base leads to relatively low fiscal capacity, which is being
offset by transfers from the federal government. These accounted
for 36% of operating revenue in 2010, down from 42% in 2009. The
agency notes that the region's decreasing, albeit still high
dependence on federal transfers, limits its budget revenue
flexibility.
The region recorded operating margin of 1.2% in 2010 due to
growth of operating revenue by 8.4%, driven solely by the
increase in tax revenue of almost 20% in 2010. The
administration proved commitment to prudent fiscal management,
cutting 2010 operating expenditure by 4.7% yoy. Fitch expects
the positive trend of restoring budgetary performance to persist
in 2011 with full-year margin at about 4%-5%.
Kostroma's direct risk increased to RUB8 billion at year-end 2010
from RUB5.9 billion a year earlier. Fitch expects a moderate
increase of direct risk to about RUB8.3 billion-RUB8.6 billion in
2011 and further stabilization at a manageable level of 57%-60%
of current revenue in 2011-2012. The region's debt maturity
profile is relatively short, as 42.9% of direct risk comprises
bank loans with less than 12 months to maturity. A new bond
issue of RUB4bn proposed in 2011 should offset short-term bank
loans, which will smooth the direct risk profile.
Kostroma region is located in the central part of European
Russia. The region's capital, the City of Kostroma, is located
372km northeast from Moscow.
=========
S P A I N
=========
BANKINTER RMBS: Fitch Affirms 'CCCsf' Rating on Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed 14 tranches of three Bankinter RMBS
transactions.
The rating actions are as follows:
Bankinter 7:
-- Class A (ISIN ES0313547004) affirmed at 'AAAsf'; Outlook
Stable
-- Class B (ISIN ES0313547012) affirmed at 'AA+sf'; Outlook
Stable
-- Class C (ISIN ES0313547020) affirmed at 'A+sf'; Outlook
Stable
Bankinter 9:
-- Series P Class A2 (ISIN ES0313814016) affirmed at 'AAAsf';
Outlook Stable
-- Series P Class B (ISIN ES0313814024) affirmed at 'AA+sf';
Outlook Stable
-- Series P Class C (ISIN ES0313814032) affirmed at 'BBB+sf';
Outlook Stable
-- Series T Class A2 (ISIN ES0313814057) affirmed at 'AAAsf';
Outlook Stable
-- Series T Class B (ISIN ES0313814065) affirmed at 'A+sf';
Outlook Stable
-- Series T Class C (ISIN ES0313814073) affirmed at 'BBBsf';
Outlook Stable
Bankinter 12:
-- Class A2 (ISIN ES0313715015) affirmed at 'AAAsf'; Outlook
Stable
-- Class B (ISIN ES0313715023) affirmed at 'A+sf'; Outlook
Stable
-- Class C (ISIN ES0313715031) affirmed at 'A-sf'; Outlook
Stable
-- Class D (ISIN ES0313715049) affirmed at 'BBB-sf'; Outlook
Stable
-- Class E (ISIN ES0313715056) affirmed at 'CCCsf'; Recovery
Rating 'RR6'
The rating actions follow the solid performance of the underlying
assets. As of July 2011, the outstanding balance of loans in
arrears by more than three months ranged from 0.3% (Bankinter 9
Series P) to 0.6% (Bankinter 7 and 12) of the current portfolio
balance, while cumulative defaults ranged between 0.1% (Bankinter
7) and 0.4% (Bankinter 12) of the original balance. The reserve
funds on all three transactions remain at the target amount, with
the reserve funds of Bankinter 7 and Bankinter 9 Series (P)
amortising.
The transactions have significant exposure to Bankinter, which
acts as collateral servicer, notes paying agent, treasury account
bank and interest rate swap provider in all three deals. On 6
July 2011, Fitch downgraded Bankinter's Long- and Short-term IDR
to 'BBB+'/'F2' from 'A'/'F1' and withdrew the ratings. The
downgrade and rating withdrawal means that Bankinter is no longer
deemed an eligible counterparty under Fitch's counterparty
criteria for notes rated 'AA-sf' and higher, without mitigants to
counterparty default risk.
Fitch understands that Bankinter has obtained guarantees from
Banco Espanol de Credito S.A. (Banesto; 'AA'/Stable/'F1+') to
mitigate the exposure to the potential default of Bankinter in
its role as treasury account bank in all three transactions. The
agency has also been notified that cash will be swept from the
collection accounts to the treasury accounts every two days
rather than weekly as in the past. Bankinter is posting
collateral to support its role as interest rate swap provider, in
line with Fitch's structured finance counterparty criteria.
As of August 2011, the collateral posted was zero for Bankinter
7, EUR1.4 million for Bankinter 9 and EUR2.6 million for
Bankinter 12. The collateral is being posted to an account which
is also covered by the Banesto guarantee. The collateral amounts
will be recalculated on a weekly basis and the amounts posted
will be adjusted accordingly. Although Bankinter is not a Fitch-
rated entity, the last rating action taken by the agency's
financial institution's team suggests that the entity remains
sufficiently creditworthy to perform these counterparty roles
with these mitigants in place. Fitch will continue to monitor
Bankinter's financial strength and may take rating actions on the
RMBS transactions accordingly, if the agency's view of the bank
changes.
FTA SANTANDER: DBRS Assigns 'C (sf)' Rating to Series C Notes
-------------------------------------------------------------
DBRS Ratings Limited has assigned a rating of C (sf) to the
EUR1,070,000,000.00 Series C Notes and confirmed the ratings of
AAA (sf) of the EUR3,242,462,178.95 Series A Notes and B (sf) of
the EUR1,123,500,000.00 Series B Notes issued by F.T.A. Santander
Empresas 9 (the "Issuer"). The transaction is a cashflow
securitization collateralized primarily by a portfolio of bank
loans and credit lines originated by Banco Santander, S.A. to
Spanish enterprises and small and medium-sized enterprises. As
of July 12, 2011, the transaction had a current portfolio
notional amount of EUR3,645.13 million and included 22,837 loans.
The portfolio continues to be serviced by Banco Santander.
The rating of the Series C Notes is based upon DBRS' review of
the following considerations:
* The Series C Notes are in the first loss position.
* As such, the Series C Notes are highly likely to default.
* Because the rating of the Series C Notes addresses the
ultimate payment of interest and principal, the default
most likely would occur at the maturity of the transaction.
The confirmation of the Series A and Series B Notes is based upon
DBRS' review of the following analytical consideration:
* The replacement of the Subordinated Loan with the Series C
Notes has no impact on the rating of the Series A and
Series B Notes.
* On the first payment date in June 2011, the Series A Notes
amortized by EUR984 million, which corresponds to 18.39% of
the initial balance.
* The performing portfolio balance, defined as loans that are
no more than 30 days in arrears, is EUR3,645.05 million.
* The Reserve Fund is at its initial level of EUR1,070
million.
* There is approximately EUR600 million of loan amortization
in the Treasury Account.
The confirmation of the ratings of the Series A and Series B
Notes are based on the notification of the cancellation of the
Subordinated Loan for the Reserve Fund and its replacement with
the issuance of the Series C Notes to finance the Reserve Fund.
The rating confirmation by DBRS does not signify the approval of
the amendment by DBRS or an opinion by DBRS as to whether the
amendment is beneficial or detrimental to the holders of the
securities.
The principal methodology is Master European Granular Corporate
Securitisations (SME CLOs), which can be found on our Web site
under Methodologies.
The sources of information used for these ratings include parties
involved in the rating, including but not limited to F.T.A.
SANTANDER EMPRESAS 9, Banco Santander S.A. and Santander de
Titulizacion, S.G.F.T., S.A. DBRS considers the information
available to it for the purposes of providing this rating was of
satisfactory quality.
TDA: Fitch Affirms 'CCsf' Ratings on Nine Tranches
--------------------------------------------------
Fitch Ratings has downgraded 15 and affirmed six tranches of four
TDA transactions.
The rating actions are as follows:
TDA 24:
-- Class A1 (ISIN ES0377952009) downgraded to 'BBBsf' from
'AAsf'; Outlook Stable
-- Class A2 (ISIN ES0377952017) downgraded to 'BBBsf' from
'AAsf'; Outlook Stable
-- Class B (ISIN ES0377952025) downgraded to 'Bsf' from 'BBsf';
Outlook Negative
-- Class C (ISIN ES0377952033) affirmed at 'CCCsf'; Recovery
Rating 'RR5'
-- Class D (ISIN ES0377952041) affirmed at 'CCsf'; Recovery
Rating 'RR6'
TDA 25:
-- Class A (ISIN ES0377929007) downgraded to 'BBsf' from
'BBBsf'; Outlook Stable
-- Class B (ISIN ES0377929015) downgraded to 'CCCsf' from
'BBsf'; assigned Recovery Rating 'RR5'
-- Class C (ISIN ES0377929023) downgraded to 'CCsf' from
'CCCsf'; Recovery Rating revised to 'RR6' from 'RR5'
-- Class D (ISIN ES0377929031) affirmed at 'CCsf'; Recovery
Rating 'RR6'
TDA 27:
-- Class A2 (ISIN ES0377954013) downgraded to 'BBB-sf' from
'AAsf'; Outlook Stable
-- Class A3 (ISIN ES0377954021) downgraded to 'BBB-sf' from
'AAsf'; Outlook Stable
-- Class B (ISIN ES0377954039) downgraded to 'BBsf' from
'BBBsf'; Outlook Negative
-- Class C (ISIN ES0377954047) downgraded to 'Bsf' from 'BBsf';
Outlook Negative
-- Class D (ISIN ES0377954054) downgraded to 'CCCsf' from
'Bsf'; assigned Recovery Rating 'RR5'
-- Class E (ISIN ES0377954062) downgraded to 'CCsf' from
'CCCsf'; Recovery Rating revised to 'RR6' from 'RR4'
-- Class F (ISIN ES0377954070) affirmed at 'CCsf'; Recovery
Rating 'RR6'
TDA 28
-- Class A (ISIN ES0377930005) downgraded to 'BBsf' from
'BBBsf'; Outlook Stable
-- Class B (ISIN ES0377930013) downgraded to 'CCCsf' from
'BBsf'; assigned Recovery Rating 'RR5'
-- Class C (ISIN ES0377930021) downgraded to 'CCsf' from 'Bsf';
assigned Recovery Rating 'RR6'
-- Class D (ISIN ES0377930039) downgraded to 'CCsf' from
'CCCsf'; Recovery Rating revised to 'RR6' from 'RR4'
-- Class E (ISIN ES0377930047) affirmed at 'CCsf'; Recovery
Rating revised to 'RR6' from 'RR5'
-- Class F (ISIN ES0377930054) affirmed at 'CCsf'; Recovery
Rating 'RR6'
The rating actions reflect the poor performance of the underlying
assets in the four transactions. As of June 2011 all four
transactions continued to report depleted reserve funds and
outstanding, technical, principal deficiencies ranging from 4.9%
(TDA 27) to 21.5% (TDA 25) of the current note balance. Both of
these have been triggered by high volumes of defaults that, as
per the transaction documents, are provisioned for after 12
months in arrears. Principal deficiencies in the TDA 25 and TDA
28 transactions affect all rated notes, while they only reach the
class B and C notes of TDA 24 and TDA 27.
The most recent investor reports show high cumulative gross
defaults as a percentage of the original portfolio (4.6% on TDA
24, 14.7% on TDA 25, 5.4% on TDA 27 and 16.4% on TDA 28). Unlike
most other Fitch-rated Spanish RMBS transactions, where arrears
have declined from their peak levels, the percentage of
delinquent borrowers in the pools has remained stable for the
past two years. Fitch is concerned about the elevated level at
which arrears have stabilized and the pace at which loans
continue to roll through to default. The transactions have
failed to generate sufficient excess spread to provision for
defaults, thereby leaving the notes exposed to negative carry.
Fitch expects the volume of un-provisioned defaults to continue
to build up in the upcoming payment dates, thereby putting
additional pressure on the transactions' ability to generate
sufficient revenue.
The transactions remain heavily reliant on recoveries, which to
date have been limited as a percentage of the original portfolio
balance (0.3% on TDA 24, 0.8% on TDA 25, 0.6% on TDA 27 and 0.5%
on TDA 28). The limited information that Fitch has received on
the sale of repossessed properties means that it is not possible
to use past performance to estimate the recovery levels that can
be expected from the current outstanding defaults. Instead, the
agency has applied its standard market-value decline assumptions
in its analysis of the transactions. The high likelihood of
default on the mezzanine and junior notes of the four
transactions is reflected in their 'CCCsf' and 'CCsf' ratings.
The deals also feature an interest deferral mechanism which, due
to the high volume of defaults, has been breached for most of the
mezzanine and junior tranches. Interest payments on the TDA 25
and TDA 28 transactions are being deferred on all except the most
senior tranche, while only the class D and E notes are affected
in TDA 24 and TDA 27. Fitch expects that interest payments on
TDA 24's class C and D notes will also be diverted toward the
payment of principal on the class A notes at the September 2011
payment date.
The loans in the underlying pools have been originated by various
entities. Loans originated by Unino de Credito Financiero
Mobiliario e Inmobiliario (Credifimo) are present, to varying
degrees, in all four portfolios, with the highest concentration
in TDA 25 (76%). Credifimo is a specialist lender that conducts
its business mainly via real estate agents. Fitch believes a high
proportion of the non-performing loans are represented by
Credifimo loans.
TDA 29: Fitch Downgrades Rating on Class D Notes to 'CCsf'
----------------------------------------------------------
Fitch Ratings has downgraded four tranches on TDA 29, Fondo de
Titulizacion de Activos (TDA 29), affirmed one senior tranche and
revised the Outlook to Negative from Stable on the class B notes,
as follows:
TDA 29, Fondo de Titulizacion de Activos:
-- Class A1 (ISIN ES0377931003): affirmed at 'AAAsf'; Outlook
Stable;
-- Class A2 (ISIN ES0377931011): downgraded to 'AAsf'; Outlook
Stable;
-- Class B (ISIN ES0377931029): downgraded to 'BBBsf'; Outlook
revised to Negative from Stable;
-- Class C (ISIN ES0377931037): downgraded to 'CCCsf'; assigned
a Recovery Rating of 'RR-5'
-- Class D (ISIN ES0377931045): downgraded to 'CCsf'; assigned
a Recovery Rating of 'RR-6'
The downgrades are driven by the worsening performance of the
underlying pool and insufficient credit support available to the
rated tranches. Since September 2010, loans in arrears by more
than 90 days have been on an upward trend, reaching 1.2% of the
current collateral balance (excluding defaults) from 0.9%.
As of the May 2011 interest payment date (IPD), cumulative gross
defaults stood at EUR9.6 million, equal to 1.2% of the initial
pool balance; with 53% occurring in the past nine months. On
average, the issuer has reported only 27% of recoveries on
cumulative gross defaults. The high default rates combined with
the low volume of recoveries led to reserve fund draws on the
last two IPDs. As of May 2011, the reserve fund balance stood at
38% of its target amount. The reserve fund draws have left the
notes with limited levels of credit support available, especially
at the bottom of the structure. Although Fitch views
provisioning mechanisms as a positive structural feature as it
reduces the cost of carry of defaulted loans, the speed at which
the reserve fund has been utilized and the timing within which
the agency expects to see recoveries to come through poses a
concern.
Fitch also has concerns that the current pipeline of arrears may
lead to further shortfalls of cash flow resulting in a possible
reserve fund depletion on future IPDs. Consequently, the agency
considers that the credit enhancement on tranches A2, B, C and D
was insufficient to maintain their ratings, and has therefore
downgraded the notes.
The agency has affirmed the 'AAAsf' rating on the class A1 notes,
as it expects these notes to be paid in full within the next four
IPDs, thereby limiting the default risk of this tranche.
Although the transaction structure features a class A pro rata
trigger, Fitch believes that the 3% delinquency trigger will not
be breached on the upcoming payment dates.
* MORATALLA: On Verge of Going Broke
------------------------------------
Mike Shedlock at Mish's Global Economic Trend Analysis report
that Spain's 8,115 municipalities are being hit by a crushing
revenue hangover from a nearly two-decade building boom that went
bust in 2008.
According to Mish's, officials in Moratalla, which has a
population of 8,500, believe they are the first in Spain to
publicly declare their town is on the verge of going broke -- and
that the only way out is an unprecedented program of drastically
reducing services while boosting local taxes and fees in an
austerity drive that could last eight years.
Deputy Mayor Juan Soria, as cited by Mish's, said Moratalla and
its mammoth debt "are the mirror image of a lot of towns" that
have not yet fully admitted the extent of their dire financial
circumstances.
Many towns are struggling to meet payroll, can't fire workers
because of public service employment rules, are frequently making
late payments to the health care system and are trying to delay
or restructure debt they took on for costly infrastructure
projects, Mish's discloses.
The nation could be next in line for a bailout after Greece,
Ireland and Portugal -- and some in Moratalla say the example of
their town shows Spain will need help from the European Union,
despite pledges by federal officials that Spain won't need a
bailout, Mish's states.
===========================
U N I T E D K I N G D O M
===========================
AEI CABLES: Enters Into Company Voluntary Arrangement
-----------------------------------------------------
AEI Cables Ltd. has offered a Company Voluntary Arrangement (CVA)
to its unsecured creditors under the UK Insolvency Act, 1986,
which has been duly approved by the creditors.
Through a Company Voluntary Arrangement (CVA) mechanism, the
Company gained the support of its creditors and by that time the
Company had reduced its work force by 124 employees. Further
overhead savings have also been made as the Company withdrew from
the unpredictable house wiring market. Until this date the
business has traded at a loss, but from this point forward, the
directors are forecasting net profitability for the next 12
months and beyond.
AEI Cables Ltd. is a wholly owned subsidiary of Paramount
Communications Ltd.
PICCADILLY HOTELS: Menzies Hotels Rescued From Administration
-------------------------------------------------------------
HVS International News reports that Lloyds Banking Group
restructured GBP230 million of debt of Piccadilly Hotels, thereby
enabling management to buy back 16 Menzies hotels through a new
company called Cordial Hotels.
Piccadilly Hotels, which went into administration last week, is
the holding company of 16 Menzies properties and six Travelodge
hotels in the U.K.
The six Travelodges, however, will be put up for sale, HVS
International News relates.
Menzies Hotels was purchased by property developer Robert
Tchenguiz and fund manager Aaim Group Limited in 2006 for
GBP180 million, the report cites.
The restructuring of the group means that the Tchenguiz family
and Aaim Group will no longer hold a stake in the company, HVS
International News says.
SIMCLAR GROUP: Boss Under Fire for Rejecting Free Help
------------------------------------------------------
The Herald reports that Simclar Group Executive Officer Sam
Russell has come under attack after it emerged his company
spurned the offer of expert help to prepare a survival plan for
its Fife operation the month before he put it into
administration.
The Herald relates that Scottish Enterprise offered to pay for a
Big Four accountant to identify options to help keep the
Dunfermline plant afloat.
However, the report relates, the electronics company declined the
offer, citing legal complications and management disagreements to
SE.
As reported in the Troubled Company Reporter-Europe on June 29,
2011, BBC News said that Simclar Group has gone into
administration putting more than 200 jobs at risk in the process.
The administrators from Deloittes are expected to keep Simclar,
which owns operations in China and the US, running while it seeks
buyers for the business, according to BBC News. BBC News notes
that Simclar Group ran into problems when planned launches for
new products, including an energy-saving plug, were delayed.
Dunfermline-based Simclar Group supplies wiring, looms and sheet
metal products to major electronics firms. Simclar Group was
formed in May 2001 and is the parent company of a subcontract
manufacturing group with operations in the UK, USA, Mexico and
China. The UK operations supply a number of blue chip customers,
including Bombardier and Alexander Dennis.
* UK: Bupa CEO Criticizes Care Home Policy
------------------------------------------
Michael Stothard at The Financial Times reports that Ray King,
chief executive of Bupa, has criticized the UK government's
policy on care homes, saying that the sector was heading towards
crisis because of lack of funds.
Mr. King called on the government to "address the chronic
underfunding of care" before the closure of private homes causes
a "bed blocking" crisis for the National Health Service, the FT
relates.
The comments came as the private medical group reported
lackluster half-year results in its UK care home division, the FT
notes.
About 70% of Bupa's 18,000 care residents are paid for in part by
local authorities, which are facing severe budget squeezes, or
primary care trusts, the FT discloses.
* UK: Insolvent Firm Takeovers Fall in North East, Research Shows
-----------------------------------------------------------------
Iain Laing at The Journal reports that acquisitions of insolvent
businesses in the North East have continued to fall in the first
half of 2011, according to research by Experian Corpfin on behalf
of the insolvency trade body R3.
The figures show that distressed deals now account for just one
in 22 of all mergers and acquisitions, compared to one in six
when activity peaked in 2009, the Journal discloses.
The Journal relates that during the first half of 2011, just two
out of a total of 45 acquisitions in the North East involved
companies acquired out of administration or other formal
insolvency procedures. This compares to 15 out of 131
acquisitions during 2010 and 21 out of 117 during 2009.
"Distressed acquisitions have become a key part of the deals
landscape over the past three years. Investors have been taking
the opportunity to acquire businesses and assets while values are
low and we have seen the emergence of specialist turnaround
investors," the Journal quotes Linda Farish, North East regional
chair, as saying.
"However in recent months, there have been fewer bargains and
many investors are struggling to acquire credit to make a
purchase. For those investors who have the money supply they
should remain alert as we can expect to see a continued supply of
decent investment opportunities in the run-up to recovery."
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT 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
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LE FOYER BRUXELL 3729226Z BB -2010007.275 146190935.1
PETROPLUS REFINI 3431339Z BB -4108700.351 123751460.5
SAPPI EUROPE SA 3732894Z BB -134605597.7 160456915
SCARLET BELGIUM 4171157Z BB -28951978.94 137456538.4
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
ST GOBAIN SEKURI 3737571Z BB -5584181.048 111065610.4
TI GROUP AUTOMOT 3903298Z BB -42078648.86 140322030.3
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.41 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.41 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDH US -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CSA AS 1000Z CP -127978073.4 432492914
DENMARK
-------
AB-B NEW ABBN DC -101428498.9 298588010.2
AKADEMISK BOLDK ABB DC -101428498.9 298588010.2
BRIGHTPOINT EURO 4506883Z DC -18616347.98 189113937.7
CARLSBERG IT A/S 4503891Z DC -47250912.74 105417004.1
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
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GREEN WIND ENERG GW EU -11320362.72 176234029.6
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ISS GLOBAL A/S 241863Z DC -9544026.554 7765217403
LAURITZEN TANKER 3979732Z DC -4428758.299 209128194.8
NATURGAS FYN DIS 3984844Z DC -2862743.662 194651527
NESTLE DANMARK A 3896690Z DC -31272771.75 160779148
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REITAN SERVICEHA 3984284Z DC -1371178.576 127192706
ROSKILDE BANK ROSK EU -532868840.9 7876687324
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ROSKILDE BANK ROSK DC -532868840.9 7876687324
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ROSKILDE BANK ROSBF US -532868840.9 7876687324
ROSKILDE BANK RKI GR -532868840.9 7876687324
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SCANDINAVIAN BRA SBS1EUR EU -17033505.31 153701216.6
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SCHAUMANN PROP SCHAU EO -101428498.9 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP EU -101428498.9 298588010.2
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SCHAUMANN PROP SCHAUP DC -101428498.9 298588010.2
SCHAUMANN PROP SCHAU EU -101428498.9 298588010.2
SCHAUMANN PROP SCHAUP PZ -101428498.9 298588010.2
THOMAS COOK AIRL 3898802Z DC -7865159.883 245287857.5
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -151969329.6 262408720
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ATARI SA IFGA TH -10078799.92 116178599
ATARI SA ATA QM -10078799.92 116178599
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CSF 3635887Z FP -66127486.72 3311857250
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GREECE
------
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ITALY
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TISCALI SPA TISN IM -122928118.5 490469420.1
TISCALI SPA TIS NR -122928118.5 490469420.1
TISCALI SPA TIS VX -122928118.5 490469420.1
TISCALI SPA TISN NA -122928118.5 490469420.1
TISCALI SPA TIS EO -122928118.5 490469420.1
TISCALI SPA TIS TQ -122928118.5 490469420.1
TISCALI SPA TIS QM -122928118.5 490469420.1
TISCALI SPA TIS IX -122928118.5 490469420.1
TISCALI SPA TIS NA -122928118.5 490469420.1
TISCALI SPA TIQG IX -122928118.5 490469420.1
TISCALI SPA TIS FP -122928118.5 490469420.1
TISCALI SPA TISGBX EO -122928118.5 490469420.1
TISCALI SPA TSCXF US -122928118.5 490469420.1
TISCALI SPA TIQ GR -122928118.5 490469420.1
TISCALI SPA TISN VX -122928118.5 490469420.1
TISCALI SPA TIS NQ -122928118.5 490469420.1
TISCALI SPA TISM IX -122928118.5 490469420.1
TISCALI SPA TIS IM -122928118.5 490469420.1
TISCALI SPA TIS EU -122928118.5 490469420.1
TISCALI SPA TISN FP -122928118.5 490469420.1
TISCALI SPA TIS EB -122928118.5 490469420.1
TISCALI SPA TISGBP EO -122928118.5 490469420.1
TISCALI SPA TISN IX -122928118.5 490469420.1
TISCALI SPA- RTS 3391621Q GR -122928118.5 490469420.1
TISCALI SPA- RTS TISAXA IM -122928118.5 490469420.1
UPIM SRL 3494031Z IM -24945031.42 495566337.9
VALEO SPA 3897442Z IM -55996.80114 165209720.2
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
LUXEMBOURG
----------
ARCELORMITTAL FL 3912244Z LX -1024313669 3328008487
INTELSAT ILMA GR -697038976 17592367104
INTELSAT SA 2237Z US -697038976 17592367104
OXEA SARL 3682535Z GR -78371220.13 1013737294
OXEA SARL 3682535Z LX -78371220.13 1013737294
ADAMAR AMSTERDAM 4049157Z NA -8231529.767 119709372
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
APPLIED POWER EU 4035061Z NA -90774.2002 187921627.7
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
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
CEVA GROUP PLC 976811Z NA -469889996.1 5434380129
CEVA LOGISTICS 882197Z NA -310987042.7 5613530996
CLATES HOLDING B 4043429Z NA -34881.25205 221495950.5
COOPERATIE VOEDI 4378105Z NA -274089.6056 748982278.2
EATON ELECTRIC B 2017671Z NA -20487461.22 140357455.7
ELSTA BV 3897218Z NA -2452823.596 284940300.4
EON BENELUX LEVE 4173461Z NA -21561715.64 273422076.5
EUROPEAN MARITIM 4523543Z NA -34803118.05 347300069.4
FERDINAND STINGE 4040837Z NA -64181.50377 1187653657
FONDEL METALS BV 4039013Z NA -2368075.248 110363800.6
GE CAPITAL FUNDI 4489315Z NA -2707532.277 194574148
HAAG WONEN HOLDI 3824276Z NA -137909.3086 144576751.1
HE INVESTMENTS B 3813216Z NA -1780665.857 195483088
HUISVUILCENTRALE 4777713Z NA -29300.25172 1202976227
INFOR GLOBAL SOL 4778481Z NA -421566515.6 436226285
ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -289361638.1 926823456.4
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
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MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -614016.7407 1656741217
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
NV WATERLEIDINGM 4036141Z NA -1727059.235 234972904.6
RHEIN PAPIER HOL 4040349Z NA -2301763.247 1089890804
RIVA NV 3797916Z NA -852952.1165 111411542.1
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SPYKER CARS NV SPYKR PZ -154336469.5 1337361332
SPYKER CARS NV SPYK IX -154336469.5 1337361332
SPYKER CARS NV SPYKR QM -154336469.5 1337361332
SPYKER CARS NV SPYKR TQ -154336469.5 1337361332
SPYKER CARS NV SPYKR EU -154336469.5 1337361332
SPYKER CARS NV SPYKR BQ -154336469.5 1337361332
SPYKER CARS NV SPYKR EB -154336469.5 1337361332
SPYKER CARS NV SPYKR EO -154336469.5 1337361332
SPYKER CARS NV SPYKR NA -154336469.5 1337361332
SPYKER CARS NV L9I GR -154336469.5 1337361332
SPYKER CARS NV SPYKF US -154336469.5 1337361332
STICHTING PENSIO 4498027Z NA -19254451.13 566611058.3
STICHTING PENSIO 4489595Z NA -7065546415 43409019837
UNITED PAN -ADR UPEA GR -5505478850 5112616630
UNITED PAN-A ADR UPCOY US -5505478850 5112616630
UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUR-A UPC LN -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12164702941 13901661309
VAN WEELDE BEHEE 4038885Z NA -119995.7037 173030811.6
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS VERKEER-EN I 4777577Z NA -47438.50279 719093765.2
W2005 W2007 CARN 3824100Z NA -107841645.8 362615031
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
WILMAR EDIBLE OI 3817520Z NA -3976944.095 218912594.8
WIM BOSMAN HOLDI 3782032Z NA -45372.13742 224136098.5
WONINGSTICHTING 4039389Z NA -430291.2087 1714985995
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AKER BIOMARINE A 4508947Z NO -91258656.74 103294723.7
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER STORD A/S 4498875Z NO -150475117.7 783619889.1
BKK VARME AS 4445833Z NO -8164053.946 143462133.6
CIA LA GOMERA AS 4401057Z NO -14188999.46 111542577.2
GJENSIDIGE PENSJ 4447089Z NO -706038.7351 834496819.2
HEEGH AUTOLINERS 4389209Z NO -11654362.38 277390994.9
INTEROIL EXPLORA IOXEUR EU -71383000 195320000
INTEROIL EXPLORA IOX NO -71383000 195320000
INTEROIL EXPLORA IOX PZ -71383000 195320000
INTEROIL EXPLORA IOXUSD EO -71383000 195320000
INTEROIL EXPLORA IROIF US -71383000 195320000
INTEROIL EXPLORA IOX EU -71383000 195320000
INTEROIL EXPLORA IOXEUR EO -71383000 195320000
INTEROIL EXPLORA IOX IX -71383000 195320000
INTEROIL EXPLORA INOX NO -71383000 195320000
INTEROIL EXPLORA IOX BY -71383000 195320000
INTEROIL EXPLORA IOX EO -71383000 195320000
INTEROIL EXPLORA IOXUSD EU -71383000 195320000
LIVA BIL LIV NO -4061326.597 116023629.9
MAN LAST OG BUSS 4521719Z NO -7914946.127 134925818.8
MASTER & COMMAND 4443393Z NO -3848.57586 105559612
NCC CONSTRUCTION 4389745Z NO -17444019.96 371204059.2
NCC ROADS AS 4401305Z NO -7603911.224 151509155.9
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NORSK STEIN AS 4394889Z NO -2509971.202 184248999.1
OSLO FORSIKRING 4415089Z NO -6494996.57 158542606
PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV PGS GR -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.21 399710323.6
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
SECURITAS DIRECT 4394201Z NO -531628.2745 124746344.1
SKRETTING AS 4473771Z NO -3730844.426 499611269.4
STOREBRAND EIEND 4443409Z NO -69476764.19 1408585975
STOREBRAND EIEND 4288341Z NO -236066034.1 4427606061
TDC AS 4287413Z NO -95917885.43 128911202.9
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -30849484.35 107503145.6
UTKILEN SHIPPING 4446161Z NO -2435448.778 205148159.9
VNG NORGE AS 4513147Z NO -44725176.15 280935536.1
POLAND
------
TOORA TOR PW -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
AGUAS DO ZEZERE 3646223Z PL -9497007.861 387261027.5
ALBERTO MARTINS 4488947Z PL -26137998.21 126979395.5
CENTRO HOSPITALA 3778196Z PL -45060064.62 149709016.7
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
COFINA COFI PL -13400332.44 274876811
COFINA COFSI IX -13400332.44 274876811
COFINA CFASF US -13400332.44 274876811
COFINA SGPS SA COFI EO -13400332.44 274876811
COFINA SGPS SA COFI TQ -13400332.44 274876811
COFINA SGPS SA COFI QM -13400332.44 274876811
COFINA SGPS SA CFNX PX -13400332.44 274876811
COFINA SGPS SA CFN PL -13400332.44 274876811
COFINA SGPS SA COFI EB -13400332.44 274876811
COFINA SGPS SA CFN1 PZ -13400332.44 274876811
COFINA SGPS SA COFI EU -13400332.44 274876811
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
EMPRESA PUBLICA 3646447Z PL -18489638.67 302885151.7
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
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TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
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TYCO HEALTHCARE 1066794Z LN -12776603.56 314861589.2
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WARNER MUSIC UK 1075906Z LN -32488758.53 106000497.9
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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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WYG PLC WYG PZ -32392901.23 196106689.5
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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 * * *