/raid1/www/Hosts/bankrupt/TCREUR_Public/111018.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, October 18, 2011, Vol. 12, No. 206
Headlines
F I N L A N D
ELCOTEQ INC: Creditors Argue Over Venue of Bankruptcy Case
G E R M A N Y
DEUTSCHE HYPOTHEKENBANK: Moody's Cuts Bank Fin'l. Rating to 'D'
FRESENIUS MEDICAL: Moody's Assigns 'Ba2' Rating to EUR100MM Notes
G R E E C E
DRYSHIPS INC: Enters Into 3 More Well Contracts for Eirik Raude
I R E L A N D
ADAGIO II: Moody's Raises Rating on Class E Notes to 'B1'
AER ARANN: Scraps Almost 300 Flights at Southend Airport
ALLIED IRISH: Wants New Chief Exec to Avail of Incentive Plan
ANGLO IRISH: State to Get EUR12BB Bailout Restructuring Savings
BANK OF IRELAND: Agrees Sale of Non-Core Loans at 9% Discount
QUINN GROUP: Lenders Agree on Terms of New Debt Deal with Anglo
QUEEN STREET IV: S&P Assigns Prelim. BB- Rating to US$75MM Notes
L U X E M B O U R G
AVONDALE SECURITIES: S&P Affirms BB+ Ratings on Two Note Classes
MILLICOM INT'L.: Moody's Changes Outlook on Ba1 CFR to Positive
NORDDEUTSCHE LANDESBANK: Moody's Cuts Bank Fin'l. Rating to 'D+'
N E T H E R L A N D S
BOYNE VALLEY: Moody's Raises Rating on Class E Notes to 'B1'
DALRADIAN EUROPEAN: Moody's Raises Rating on Class E Notes to B1
E-MAC PROGRAM: S&P Lowers Rating on Class E Notes to 'B (sf)'
EUROLOAN CLO 1: S&P Says 'CCC'-Rated Assets Decreased to 4.25%
P O R T U G A L
NOVA FINANCE: Moody's Cuts Rating on EUR644-Mil. Notes to 'Ba2'
R U S S I A
SOVCOMFLOT JSC: Moody's Downgrades Issuer Rating to 'Ba1'
SOVCOMFLOT JSC: Moody's Cuts NSR Rating Due to 'Ba1' GSR Rating
S P A I N
SANTANDER PUBLICO: Moody's Cuts Rating on EUR37MM Notes to 'Ba1'
U N I T E D K I N G D O M
CATALYST HEALTHCARE: Moody's Raises 2040 Bonds Rating From 'Ba1'
EVENT HOSPITALITY: Trading Standard Officers Probe Director
MOUCHEL GROUP: Interim Chairman Steps Down Amid Debt Talks
NEWCASTLE BUILDING: Moody's Withdraws 'D-' BFSR
NOAH'S ARK: Placed Into Voluntary Liquidation
RAPPORT CREATIVE: Placed Into Liquidation
ROYAL BANK: "Most Vulnerable Bank in Europe," Credit Suisse Says
* UK: Insolvency Service Winds Up 61 Companies for Breaches
X X X X X X X X
* Bank of Ireland & Lloyds to Put Worst of Debt Crisis Behind
* Weil Gotshal's Relocates London Office
* Large Companies with Insolvent Balance Sheets
*********
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F I N L A N D
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ELCOTEQ INC: Creditors Argue Over Venue of Bankruptcy Case
----------------------------------------------------------
Dow Jones' DBR Small Cap reports that creditors of struggling
Finnish electronics manufacturer Elcoteq SE are trying to force
its Texas subsidiary into Chapter 11 bankruptcy protection,
triggering a dispute over where the case should proceed.
An involuntary Chapter 11 petition (Bankr. W.D. Tex. Case No. 11-
31675) was filed against El Paso, Texas-based Elcoteq, Inc., dba
Elcoteq Americas, on Aug. 31, 2011. Judge H. Christopher Mott
oversees the case. Plasticos Promex U.S.A., Inc., owed
US$242,125; Textape Incorporated, owed US$34,118; and Pallets and
Crates International, owed US$19,929, filed the petition.
Corey W. Haugland, Esq., at James & Haugland, P.C., represents the
petitioning creditors.
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G E R M A N Y
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DEUTSCHE HYPOTHEKENBANK: Moody's Cuts Bank Fin'l. Rating to 'D'
---------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of Deutsche Hypothekenbank AG
(DH) to D from D+, now mapping to Ba2 on the long-term rating
scale from Ba1 previously, and placed on review for downgrade the
Prime-1 short-term rating. The outlook for DH's D standalone BFSR
remains negative.
The downgrade reflects Moody's view that DH's loss-absorption
capacity is modest in the context of its risk profile, given that
its core businesses of commercial real-estate and public-sector
finance are vulnerable to market downturns. These credit risks may
continue to exert pressure on DH's leveraged business model,
because the credit costs can fluctuate widely in its cyclical,
international commercial real-estate lending business.
At the same time, DH's A1 senior unsecured debt and deposit
ratings, its Baa1 senior subordinated debt rating, and its
Baa3(hyb) rating for capital notes issued by Charlottenburg
Capital International S.ar.l. & Cie SECS (non-cumulative preferred
stock) remain on review for downgrade. The ongoing review -- part
of Moody's wider review of the ratings for 12 public-sector banks
in Germany announced on July 1, 2011 -- focuses on (i) the support
assumptions that are factored into the long-term ratings of DH in
the context of the weakening support environment in Germany; and
(ii) will also take into consideration the lower D BFSR.
The lowering of DH's BFSR -- together with the lowering today of
the BFSR of its parent bank (NORD/LB) -- implies that the expected
downgrade of DH's long-term ratings is likely to be either two or
three notches. Please refer to the press release "Moody's reviews
ratings of German Landesbanken" dated
July 1, 2011
RATINGS RATIONALE
STANDALONE RATING CONSTRAINED BY VULNERABLE BUSINESS PROFILE AND
WEAK EARNINGS
The downgrade was driven by several considerations, including (i)
DH's higher-than-expected vulnerability to market movements,
caused by its sizeable derivative positions, which are part of its
public-sector lending operations; (ii) its weak risk-adjusted
earnings power, which is unlikely to improve in the foreseeable
future; and (iii) sustained weak capitalization and limited loss-
absorption capacity, which might result in the need for additional
capital support in a deteriorating economic environment.
In combination, these risk drivers may continue to exert pressure
on DH's leveraged business model, because the credit costs in its
cyclical, international commercial real estate lending business
can fluctuate strongly. Additionally, DH may face funding
constraints for its senior unsecured funding requirements in
adverse market conditions, which Moody's acknowledges is mitigated
by DH's integration into NORD/LB's group treasury operations.
The negative outlook on the D BFSR reflects the longer-than-
anticipated recovery of DH's earnings profile and capital
generation capacity, as well as the risks posed by the
persistently volatile market environment for public-sector finance
business lines.
The review for downgrade of the Prime-1 short-term rating is
driven by the higher downgrade potential expected for DH's senior
unsecured debt and deposit ratings.
METHODOLOGY USED
The methodologies used in these rating actions 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 Hanover, Germany, DH had total assets of EUR34
billion as of June 30, 2011, and reported a net profit of EUR11
million for the six months to June.
FRESENIUS MEDICAL: Moody's Assigns 'Ba2' Rating to EUR100MM Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definite Ba2 rating to
the EUR100 million of floating-rate senior unsecured notes issued
by FMC Finance VIII S.A., a finance company wholly owned by
Fresenius Medical Care AG & Co. KGaA. The assigned rating carries
a loss-given default assessment of LGD5-76%. FMC's Ba1 corporate
family rating(CFR) remains unchanged. The outlook on the ratings
is stable.
RATINGS RATIONALE
"[The] rating action reflects that FMC's new debt obligations are
in line with the ratings we assigned to the company's USD960
million of bonds issued in September 2011," says Alex Verbov, a
Moody's Vice President - Senior Analyst and lead analyst for FMC.
(Please see Moody's previous press release dated September 7,
2011, which provides further details on the rating rationale and
ranking of the instrument.) Moody's definitive rating assignments
on the debt obligations are in line with the provisional ratings
assigned and the final terms of the notes are in line with the
drafts reviewed for the provisional rating assignment.
The stable outlook reflects Moody's expectation that (i)
reimbursement changes in the US will have a limited negative
impact on FMC; (ii) the company will limit its material
acquisition activity over next 12-18 months; and (iii) there will
be continued improvements in the company's liquidity profile.
WHAT COULD CHANGE THE RATING DOWN/UP
In Moody's view, downward rating pressure could arise as a result
of (i) unfavorable reimbursement changes in core markets or
changes in payer mix, affecting the company's profit generation;
(ii) an increase in financial leverage, evidenced by a debt/EBITDA
ratio sustainably above 3.5x and a cash flow from operations
(CFO)/debt ratio below 15%; (iii) failure to ensure adequate
funding to cover short-term debt maturities as well as pending
acquisitions; or (iv) material litigation.
Given the strategy of FMC to grow the business externally, an
upgrade of the rating is currently unlikely. A rating upgrade
would require changes in the financial policy of FMC, such that it
targets a sustainably lower external growth, and in the company's
management of short-term liquidity. In addition, to achieve a
rating upgrade, FMC would need to (i) enhance its regional
diversification, which could be challenging in the medium term;
(ii) maintain profitability at current levels (i.e. an EBIT margin
in the high teens in percentage terms); and (iii) use positive
free cash flow to reduce debt, which would contribute to gradual
improvements in the company's leverage, including debt/EBITDA
moving towards 3.0x and CFO/debt approaching 20%.
FMC is the world's leading provider of dialysis products and
dialysis services, with 2010 revenues of USD12 billion. The
company is a vertically integrated player with operations as a
dialysis service provider, a dialysis product manufacturer for its
own dialysis clinics and a supplier of dialysis products to
external dialysis service providers. FMC is controlled by
Fresenius SE & Co. KGaA (rated Ba1, stable), which owns slightly
more than 30% of the company but controls 100% of the general
partner of FMC, given FMC's legal status as a
Kommanditgesellschaft auf Aktien (KGaA; partnership limited by
shares).
FMC 's ratings were assigned by evaluating factors that Moody's
considers relevant to the credit profile of the issuer, such as
the company's (i) business risk and competitive position compared
with others within the industry; (ii) capital structure and
financial risk; (iii) projected performance over the near to
intermediate term; and (iv) management's track record and
tolerance for risk. Moody's compared these attributes against
other issuers both within and outside FMC 's core industry and
believes FMC 's ratings are comparable to those of other issuers
with similar credit risk. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009. Please see the
Credit Policy page on www.moodys.com for a copy of this
methodology.
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G R E E C E
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DRYSHIPS INC: Enters Into 3 More Well Contracts for Eirik Raude
---------------------------------------------------------------
Ocean Rig UDW Inc. entered into drilling contracts for three
additional wells offshore West Africa, with two independent oil
operators based in the UK and the USA respectively, for the semi-
submersible rig Eirik Raude. The total revenue backlog, excluding
mobilization cost, to complete the three wells program is
estimated at US$96 million for a period of approximately 175 days.
The new contracts will commence in direct continuation after the
completion of the existing Tullow contract around mid-October.
George Economou, Chairman and CEO commented, "We continue to
execute on our strategy increasing our backlog. With two high-
spec harsh weather UDW semi-submersibles available for employment
in 2012 we are uniquely positioned to secure long-term contracts
in a strengthening rate environment."
About DryShips Inc.
Based in Greece, DryShips Inc. -- http://www.dryships.com/--
-- owns and operates drybulk carriers and offshore oil
deep water drilling units that operate worldwide. As of
Sept. 10, 2010, DryShips owns a fleet of 40 drybulk carriers
(including newbuildings), comprising 7 Capesize, 31 Panamax and 2
Supramax, with a combined deadweight tonnage of over 3.6 million
tons and 6 offshore oil deep water drilling units, comprising of 2
ultra deep water semisubmersible drilling rigs and 4 ultra deep
water newbuilding drillships.
DryShips's common stock is listed on the NASDAQ Global Select
Market where it trades under the symbol "DRYS".
On Nov. 25, 2010, DryShips Inc. entered into a waiver letter
for its US$230.0 million credit facility dated Sept. 10, 2007,
as amended, extending the waiver of certain covenants through
Dec. 31, 2010.
In its audit report on the Company's financial statements for the
year ended Dec. 31, 2010, Deloitte, Hadjipavlou Sofianos &
Cambanis S.A., noted that the Company's inability to comply with
financial covenants under its original loan agreements as of
Dec. 31, 2009, its negative working capital position and other
matters raise substantial doubt about its ability to continue as a
going concern.
The Company's balance sheet at June 30, 2011, showed
US$7.86 billion in total assets, US$4.03 billion in total
liabilities, and US$3.83 billion in total equity.
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I R E L A N D
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ADAGIO II: Moody's Raises Rating on Class E Notes to 'B1'
---------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Adagio II CLO Plc:
Issuer: Adagio II CLO Plc
Class A-1 Senior Floating Rate Notes due 2021, Upgraded to Aaa
(sf); previously on Jun 22, 2011 Aa1 (sf) Placed Under Review
for Possible Upgrade
Class A-2B Senior Floating Rate Notes due 2021, Upgraded to Aa1
(sf); previously on Jun 22, 2011 Aa2 (sf) Placed Under Review
for Possible Upgrade
Class B Senior Floating Rate Notes due 2021, Upgraded to A2
(sf); previously on Jun 22, 2011 Baa1 (sf) Placed Under Review
for Possible Upgrade
Class C-1 Senior Subordinated Deferrable Floating Rate Notes
due 2021, Upgraded to Baa3 (sf); previously on Jun 22, 2011
Ba2 (sf) Placed Under Review for Possible Upgrade
Class C-2 Senior Subordinated Deferrable Fixed Rate Notes due
2021, Upgraded to Baa3 (sf); previously on Jun 22, 2011
Ba2 (sf) Placed Under Review for Possible Upgrade
Class D-1 Senior Subordinated Deferrable Floating Rate Notes
due 2021, Upgraded to Ba2 (sf); previously on Jun 22, 2011 B3
(sf) Placed Under Review for Possible Upgrade
Class D-2 Senior Subordinated Deferrable Fixed Rate Notes due
2021, Upgraded to Ba2 (sf); previously on Jun 22, 2011 B3 (sf)
Placed Under Review for Possible Upgrade
Class E Senior Subordinated Deferrable Floating Rate Notes due
2021, Upgraded to B1 (sf); previously on Jun 22, 2011 Caa3 (sf)
Placed Under Review for Possible Upgrade
RATINGS RATIONALE
Adagio II CLO Plc, issued in December 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. This transaction will be in reinvestment
period until 15 January 2013. It is predominantly composed of
senior secured loans.
According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.
Today's 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.
Moody's notes that an input was inadvertently omitted from the
rating model at the last rating action in December 2009. The cash
balance modeled was lower than the actual cash balance at that
time. Had the actual cash balance been considered the model would
have indicated a lower expected loss for each of the classes of
notes. This could have led to higher ratings for certain classes
of notes. This input is now included in the ratings of the notes.
The Class A/B, Class C, Class D and Class E overcollateralization
ratios are reported at 124.5%, 114.9%, 110.0% and 106.4%,
respectively, versus November 2009 levels of 124.4%, 114.8%,
109.9% and 106.3%, respectively, and all related
overcollateralization tests are currently in compliance. None of
the classes are currently deferring any interest.
Reported WARF has increased from 2,522 to 2,924 between November
2009 and August 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 4.1million of the underlying portfolio compared to
EUR10.7 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 346,9
million, defaulted par of EUR 4.1million, a weighted average
default probability of 23.76% (consistent with a WARF of 2,970), a
weighted average recovery rate upon default of 45.09% for a Aaa
liability target rating, a diversity score of 30 and a weighted
average spread of 2.99%. 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 87.7% of the
portfolio exposed to senior secured corporate assets would recover
50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy 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 described
below:
1) Moody's notes that around 62% of the collateral pool consists
of debt obligations whose credit quality has been assessed through
Moody's credit estimates.
2) Other collateral quality metrics: The deal is allowed to
reinvest subject to passing a model based reinvestment test and
the manager has the ability to deteriorate the collateral quality
metrics due to the existing cushions of this model based
reinvestment test versus the covenant levels. As part of the base
case, Moody's considered the weighted average spread consistent
with the midway spread levels due to the large difference between
the reported and covenant levels and a diversity score worse than
the actual diversity score.
3) 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.
4) The deal has significant exposure to non-EUR denominated assets
which are hedged by an FX macro swap. Volatilities in foreign
exchange rate will have a direct impact on interest and principal
proceeds available to the transaction, which may affect the
expected loss of rated tranches.
5) 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.
The principal methodology used in this rating was Moody's Approach
to Rating Collateralized Loan Obligations, published in June 2011.
Please see the Credit Policy page on www.moodys.com for a copy of
this methodology.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's 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.
AER ARANN: Scraps Almost 300 Flights at Southend Airport
--------------------------------------------------------
Steve Hackwell at Southend Standard reports that cash-strapped Aer
Arann has scrapped almost 300 flights to and from Southend
Airport.
According to Southend Standard, bosses at Aer Arann say they
cannot afford to run the twice-daily service between Southend and
Galway, Ireland, this winter.
The decision means all passengers expecting to fly to the Irish
city between between October 31 and April 1 will instead be handed
a refund and an apology, Southend Standard states.
"We sincerely regret having to make this decision and we
particularly regret the impact this will have on our customers,"
Southend Standard quotes Paul Schutz, the airline's chief
executive, as saying. "The reality, however, is that we are not
yet a year out of examinership and not in a position to continue
to operate routes that are not commercially viable."
It is not yet clear whether the airline will resume flights on
April 1, but Mr. Schutz said he was hopeful, Southend Standard
notes.
It started operating the routes to Galway and Waterford in March,
announcing ambitions to cater for up to 300,000 passengers a year,
Southend Standard recounts.
However, the airline was already in financial strife after being
put into examinership -- an Irish law which allows firms to trade
their way out of trouble -- in August 2010, Southend Standard
notes.
It had racked up losses of EUR6 million in seven months and was in
danger of running out of cash when Stobart Air, which owns
Southend Airport, stepped in to bail it out last October, Southend
Standard discloses.
Aer Arann provides scheduled passenger transportation service to
more than 25 destinations, primarily in Ireland and the UK but
also in Northern France. It offers regional flights on behalf of
Aer Lingus, too. Most of its flights originate from Cork, Dublin,
or Galway.
ALLIED IRISH: Wants New Chief Exec to Avail of Incentive Plan
-------------------------------------------------------------
Simon Carswell at The Irish Times reports that Allied Irish Banks
has asked the Department of Finance to allow its new chief
executive to join any future incentive pay plan agreed for senior
bankers by the Government linked to a recovery of bank bailout
funds for the State.
The bank, which is 99.8% owned by the State, submitted a pay
proposal to the department on Friday for the role of chief
executive, a position it hopes to fill in the coming weeks, The
Irish Times relates.
The bank, which, with its new subsidiary EBS, has taken EUR20.7
billion from the State, has agreed to abide by the Government's
pay cap for bankers by seeking to pay the candidate the EUR500,000
limit, The Irish Times discloses.
According to The Irish Times, a spokesman for the department
confirmed that the bank had submitted a proposal for the pay
arrangements for the candidate.
An AIB spokesman said that a recommendation on the chief
executive's pay had been submitted to the department for
consideration, The Irish Times notes.
The shortlist has been narrowed to two candidates -- David Duffy,
a former executive at Dutch bank ING Baring, and Brendan McDonagh,
former head of HSBC?s North American business, The Irish Times
discloses.
The bank's preferred candidate is Mr. Duffy whose immediate
availability to take up the role is believed to have played a
factor in his selection by the lender, according to The Irish
Times.
About Allied Irish Banks, p.l.c.
Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland. It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin. AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).
Since the onset of the global and Irish financial crisis, AIB's
relationship with the Irish Government has changed significantly.
As at Dec. 31, 2010, the Government, through the National Pension
Reserve Fund Commission ("NPRFC"), held 49.9% of the ordinary
shares of the Company (the share of the voting rights at
shareholders' general meetings), 10,489,899,564 convertible non-
voting ("CNV") shares and 3.5 billion 2009 Preference Shares. On
April 8, 2011, the NPRFC converted the total outstanding amount
of CNV shares into 10,489,899,564 ordinary shares of AIB, thereby
increasing its holding to 92.8% of the ordinary share capital.
In addition to its shareholders' interests, the Government's
relationship with AIB is reflected through formal and informal
oversight by the Minister and the Department of Finance and the
Central Bank of Ireland, representation on the Board of Directors
(three non-executive directors are Government nominees),
participation in NAMA, and otherwise.
As reported by the TCR on May 31, 2011, KPMG, in Dublin, Ireland,
noted that there are a number of material economic, political and
market risks and uncertainties that impact the Irish banking
system, including the Company's continued ability to access
funding from the Eurosystem and the Irish Central Bank to meet
its liquidity requirements, that raise substantial doubt about
the Company's ability to continue as a going concern.
The Company reported a net loss of EUR10.16 billion on
EUR1.84 billion of interest income for 2010, compared with a net
loss of EUR2.33 billion on US$2.87 billion of interest income for
2009.
ANGLO IRISH: State to Get EUR12BB Bailout Restructuring Savings
---------------------------------------------------------------
Laura Noonan at Irish Independent reports that the maximum
benefits to the State from restructuring Anglo Irish Bank's
bailout is EUR12 billion -- even though the interest bill is EUR17
billion.
This is because EUR5.2 billion goes back to the State under the
existing arrangements, Irish Independent says.
The news comes as executives from Anglo continue to crunch the
numbers on options to restructure the bailout without adversely
impacting the bank's capital position, Irish Independent notes.
According to Irish Independent, Finance Minister Michael Noonan is
pushing Europe to allow a restructuring of the EUR30 billion "IOU"
or promissory note that was created by the State to bail out Anglo
and Irish Nationwide. The terms of the IOU mean the State must
pay the banks about EUR3 billion until 2023, and lower amounts
until 2031, Irish Independent says.
The total bill comes to EUR47.4 billion because the State must pay
interest at a rate of 5.8% on the IOUs outstanding, Irish
Independent discloses.
Irish Independent has learned, however, that while the interest
bill under the current arrangement would come to a problematic
EUR17.4 billion, more than EUR5.2 billion of this would actually
go back to the State.
This is because Anglo takes its IOUs to the Central Bank of
Ireland and exchanges them for liquidity, or cash, Irish
Independent states.
Irish Nationwide Merger
As reported by the Troubled Company Reporter-Europe on July 1,
2011, BreakingNews.ie related that The European Commission
cleared a bailout plan for Anglo Irish Bank and the Irish
Nationwide Building Society. BreakingNews.ie disclosed that the
proposal, which was submitted for approval in January, provides
for the merger of the two troubled institutions and their winding
down over the next 10 years. Anglo Irish and Irish Nationwide
jointly received EUR34.7 billion in capital injections from the
State to cover losses on property loans, BreakingNews.ie noted.
Anglo Irish Bank Corp PLC -- http://www.angloirishbank.com/--
operates in three core areas: business lending, treasury and
private banking. The Bank's non-retail business is made up of
more than 11,000 commercial depositors spanning commercial
entities, charities, public sector bodies, pension funds, credit
unions and other non-bank financial institutions. The Company's
retail deposits comprise demand, notice and fixed term deposit
accounts from personal savers with maturities of up to two years.
Non-retail deposits are sourced from commercial entities,
charities, public sector bodies, pension funds, credit unions and
other non-bank financial institutions. In addition, at Sept. 30,
2008, its non-retail deposits included deposits from Irish
Life Assurance plc. The Private Bank offers tailored products
and solutions for high net worth clients and operates the Bank's
lending business in Ireland and the United Kingdom.
BANK OF IRELAND: Agrees Sale of Non-Core Loans at 9% Discount
-------------------------------------------------------------
Simon Carswell at The Irish Times reports that Bank of Ireland has
agreed the sale of about EUR5 billion of loans that it has deemed
non-core -- about half of the targeted total in the non-core
division to be disposed of by 2013 -- at a discount of 9% of their
face value.
According to The Irish Times, the bank said the transactions would
have "no adverse impact" on its capital reserves and a "neutral
impact" on the lender's core tier one capital ratio.
The bank said in a statement that total proceeds from the disposal
of about EUR5 billion in assets amounted to EUR4.54 billion, The
Irish Times discloses.
The bank, as cited by The Irish Times, said that the capital
losses on the disposals were lower than the discounts assumed in
the Central Bank capital and liquidity stress tests in March.
Bank of Ireland is 15% State-owned and has received EUR4.2 billion
in capital from the Government, The Irish Times discloses.
Headquartered in Dublin, Bank of Ireland --
http://www.bankofireland.com/-- provides a range of banking and
other financial services. These include checking and deposit
services, overdrafts, term loans, mortgages, business and
corporate lending, international asset financing, leasing,
installment credit, debt factoring, foreign exchange facilities,
interest and exchange rate hedging instruments, executor,
trustee, life assurance and pension and investment fund
management, fund administration and custodial services and
financial advisory services, including mergers and acquisitions
and underwriting. The Company organizes its businesses into
Retail Republic of Ireland, Bank of Ireland Life, Capital
Markets, UK Financial Services and Group Centre. It has
operations throughout Ireland, the United Kingdom, Europe and the
United States.
* * *
As reported by the Troubled Company Reporter-Europe on July 25,
2011, DBRS Inc. downgraded the ratings of certain subordinated
debt issued by The Governor and Company of the Bank of Ireland to
"D" from "C". The downgrade follows the execution of the Group's
note exchange offer.
QUINN GROUP: Lenders Agree on Terms of New Debt Deal with Anglo
---------------------------------------------------------------
Simon Carswell at The Irish Times reports that Anglo Irish Bank
and lenders to the Quinn Group have agreed the terms of a deal to
lower the debt on the business to EUR475 million from EUR760
million.
The changes, which will be voted on by creditors, reduce the
group's annual interest bill to EUR40 million from EUR60 million,
The Irish Times discloses. The Quinn Group is the industrial
conglomerate formerly owned by Sean Quinn and his family.
The fresh restructuring means that Anglo, a 75% shareholder, will
have more debt to be paid off before recouping value from the
recovery of the group, The Irish Times notes.
In the new deal, Anglo has agreed to waive a veto stopping the
sale the Irish businesses within five years, The Irish Times
discloses. An existing veto protecting the group's 1,100 Irish
jobs has been amended, preventing any buyer of these businesses
laying off more than 10% of staff, The Irish Times states.
The group owes EUR1.3 billion to banks and bondholders, while
Anglo is owed almost EUR2.9 billion by the Quinn family, according
to The Irish Times.
In the original restructuring in April, Anglo and the lenders
moved EUR511 million of the debt -- known as the "tranche C" debt
-- from the manufacturing company to the shareholder firm taken
over by Anglo and the lenders, The Irish Times recounts.
This was to be repaid from the sale of Quinn assets, including
hotels, and from future earnings in the manufacturing business,
The Irish Times says.
The remaining EUR760 million -- the "tranche A" debt -- was left
with the manufacturing company, The Irish Times discloses.
Anglo and the lenders have now agreed to put to a vote a proposal
to reduce the tranche A debt to EUR475 million and increase the
tranche C debt to EUR796 million, The Irish Times notes.
Creditors will vote on a "company voluntary arrangement", which if
approved by 75% by value, will bind all creditors to the deal, The
Irish Times discloses. The vote will take place within the next
three weeks, The Irish Times states.
About 10 creditors out of a group of between 50 and 60 hold more
than 75% of the debt, The Irish Times relates. They include fund
investors in distressed debt, Strategic Value Partners and Silver
Point Capital, and banks Barclays, KBC and Danske, according to
The Irish Times.
The deal must be agreed by the end of the month as it is linked to
the sale of Quinn Insurance, previously in the group, to US
insurer Liberty Mutual and Anglo, The Irish Times says.
As reported by the Troubled Company Reporter-Europe on Sept. 15,
2011, Irish Examiner related that the Quinn family began legal
proceedings against Anglo earlier this year in which they
challenged the appointment of the receiver appointed over their
shares in some of the Quinn Group companies in Ireland, Irish
Examiner disclosed. They are also taking action in Cyprus
challenging Anglo's appointment of a receiver over shares in a
number of Cypriot companies, Irish Examiner noted.
The Quinn Group -- http://www.quinn-group.com/-- is a business
group headquartered in Derrylin, County Fermanagh, Northern
Ireland. The privately owned group has ventured into cement and
concrete products, container glass, general insurance, radiators,
plastics, hotels and real estate.
QUEEN STREET IV: S&P Assigns Prelim. BB- Rating to US$75MM Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned a preliminary credit
rating of 'BB- (sf)' to the US$75 million principal-at-risk notes
to be issued by Queen Street IV Capital Ltd., sponsored by Munich
Reinsurance Co. (Munich Re; AA-/Stable/--).
The notes issued will be exposed to major North Atlantic hurricane
risk in selected states within the U.S. between April 2012 and
March 2015 and major European windstorms between November 2011 and
March 2015. Queen Street IV Capital is an Irish special-purpose
private limited company.
Munich Re will be the counterparty to the risk transfer contract.
It is the principal operating company, as well as the ultimate
holding company for a group of affiliated companies (the Munich Re
Group).
AIR Worldwide Corp. (AIR) provided the risk analysis for this
transaction and will act as the event calculation agent. Following
a qualifying event, AIR will calculate an index value. The index
value for U.S. hurricane peril will be based on industry losses
reported by Property Claims Services (PCS) and predetermined
payout factors by state. The index value for the European
windstorm peril will be based on industry losses reported by
PERILS AG and predetermined payout factors by country.
The proceeds from the sale of the notes will be invested according
to the investment guidelines in preselected U.S. Treasury money
market funds with ratings of 'AAAm' at the time of closing.
===================
L U X E M B O U R G
===================
AVONDALE SECURITIES: S&P Affirms BB+ Ratings on Two Note Classes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and removed from
CreditWatch negative its credit ratings on Avondale Securities
S.A.'s class A-1 and A-2 notes. This follows the same action taken
on the support sponsor, Bank of Ireland (BOI), on July 11, 2011.
"On July 11, we affirmed and removed from CreditWatch negative our
'BB+' long-term counterparty credit rating on BOI (see 'Various
Rating Actions Taken On Irish Banks; Off Watch Neg')," S&P
related.
The ratings on the class A-1 and A-2 notes are weak-linked to the
rating on BOI due to the support agreement obligating BOI to meet,
under certain conditions, payments due on the notes, and potential
tax liabilities, as well as BOI's servicing of the policies.
"Due to an administrative error, we did not revise our ratings on
both tranches of debt in Avondale Securities when we updated our
rating on BOI in July. The rating actions are to correct this
error," S&P related.
Ratings List
Avondale Securities S.A.
EUR400 Million Floating-Rate Emergence Offset Notes
Class Rating
To From
Ratings Affirmed and Removed From CreditWatch Negative
A-1 BB+ (sf) BB+ (sf)/Watch Neg
BB+ (sf)/Watch Neg (SPUR) BBB+ (sf)/Watch Neg (SPUR)
A-2 BB+ (sf) BB+ (sf)/Watch Neg
MILLICOM INT'L.: Moody's Changes Outlook on Ba1 CFR to Positive
---------------------------------------------------------------
Moody's has changed the outlook on Millicom International Cellular
S.A.'s Ba1 corporate family rating (CFR) to positive from stable.
RATINGS RATIONALE
The positive outlook reflects: (i) the group's continuing track
record of strong growth and operating performance; (ii) the good
visibility for future organic growth; (iii) the continuing
progress towards a better balance of profits and cash flow
generated between the various regions; and (iv) the group's strong
credit metrics and disciplined financial policy.
Moody's notes that Millicom has been able to pursue double-digit
revenue growth in recent quarters, thanks to strong customer
growth and by managing ARPU trends through successful penetration
of data-services. Millicom's strong positions in most of its
markets have provided it with a clear competitive advantage in
that respect. "Value-added" services have become a key component
of the group's business strategy and Moody's notes their gradually
growing contribution to the group's business mix, in particular in
the relatively more mature markets of Latin America.
Financial metrics for the group remain solid within the Ba1 rating
category and Moody's expects the group to continue to balance
shareholder remuneration and selective business acquisitions at
the lower end of its publicly stated targets of 1.0x to 2.0x
leverage, net of group cash.
Further positive pressure on the rating could develop if: (i) the
company's adjusted leverage is sustainably managed below 1.5x;
(ii) its free cash flow to debt ratio remains sustainably around
20%; and (iii) the company retains a strong liquidity position,
both consolidated and at the holding company level.
An upgrade would also require: (i) the group to maintain its
strong market positions; (ii) an appropriate balance of risk
across the countries in which Millicom operates, with a good level
of geographical diversification of cash flows; and (iii) continued
track record with regard to the company's financial policy.
Finally, the ratings incorporate Moody's assumption that any
future holding company debt would remain limited, given the need
to service such debt through upstreaming of cashflows from
countries with a mixed sovereign risk profile.
Downward pressure on the rating could develop as a result of: (i)
leverage that is sustainably above 2.0x following a deterioration
in Millicom's operating performance; (ii) a material debt-funded
acquisition; (iii) higher-than-anticipated shareholder
remuneration; or (iv) a combination of the above. Any visible
increase in risk in any of the countries in which Millicom
operates or in the company's liquidity profile could also exert
pressure on the rating.
The principal methodology used in rating Millicom International
Cellular S.A. was the Global Telecommunications Industry
Methodology published in December 2010.
NORDDEUTSCHE LANDESBANK: Moody's Cuts Bank Fin'l. Rating to 'D+'
----------------------------------------------------------------
Moody's Investors Service has downgraded the standalone bank
financial strength rating (BFSR) of Norddeutsche Landesbank
(NORD/LB) to D+ from C- and has changed the outlook on the BFSR to
stable from negative. NORD/LB's Aa2 long-term ratings remain on
review for downgrade.
NORD/LB's BFSR downgrade was driven by several factors, including
its exposures to the cyclical global shipping and commercial real-
estate sectors and its secondary-market investments that pose
considerable market risk to its core franchise. In combination,
these credit risks could cause higher-than-expected earnings
volatility, which in turn might impair NORD/LB's capacity to
absorb losses.
NORD/LB's Aa2 issuer, senior unsecured debt and deposit ratings,
its A3 subordinated debt rating and the Baa2(hyb) rating for
certain non-cumulative preferred stock (Tier-1) hybrid instruments
also remain on review for downgrade. The ongoing review of these
ratings -- part of Moody's wider review of the ratings for 12
public-sector banks in Germany, announced on 1 July 2011 --
focuses on (i) the support assumptions that are factored into the
long-term ratings of NORD/LB in the context of the weakening
support environment in Germany; and (ii) will also take into
consideration the lower D+ BFSR. The lowering of the BFSR today
implies that the expected downgrade of the long-term ratings is
likely to be either two or three notches. Please refer to the
press release "Moody's reviews ratings of German Landesbanken"
dated 1 July 2011.
The following ratings remain unaffected by the rating action (i)
NORD/LB's Prime-1 short-term rating; and (ii) the Aa1 ratings of
NORD/LB and Norddeutsche Landesbank Luxembourg S.A. (NLBL) debt
that remain covered by the former grandfathering rules.
In addition, Moody's has downgraded the BFSR of NLBL -- the
Luxembourg-based subsidiary -- to D+ from C- and placed the Prime-
1 short-term rating on review for downgrade. NLBL's Aa3 senior
unsecured debt and deposit ratings remain on review for downgrade,
in line with the review placement of the parent's long-term
ratings.
RATINGS RATIONALE
VOLATILE EARNINGS POWER WEIGHS ON NORD/LB'S STANDALONE RATING
The downgrade of the standalone BFSR of NORD/LB to D+ from C- --
which reflects a two-notch re-mapping on the long-term scale to
Baa3 from Baa1 previously -- was driven by several considerations,
including (i) NORD/LB's higher-than-expected vulnerability to
market movements, caused by its sizeable bond holdings and CDS
("protection sold") positions referenced to European financial
institutions; (ii) the persistent challenges from its large,
cyclical, highly volatile asset-based finance exposures, including
shipping and commercial real estate that make NORD/LB more
vulnerable to deterioration in the economic environment; and (iii)
its still vulnerable capital position, even after taking into
account capital measures that were announced in April 2011 to
strengthen NORD/LB's regulatory capital ratios ahead of EBA stress
tests.
In combination, these risk drivers may continue to cause higher-
than-expected earnings volatility that -- in adverse conditions --
has the potential to impair NORD/LB's loss-absorbing capacity.
Although NORD/LB has proven to be more resilient to date than many
of its fellow Landesbanken during the crisis, its ability to
generate adequate risk-adjusted earnings was repeatedly affected
by highly volatile valuation results and occasional losses on
investments. According to the rating agency, NORD/LB's relatively
high vulnerability to strong market movements is no longer
consistent with the previous C- standalone financial strength
rating that had carried a negative outlook since mid-2009.
The stable outlook on the D+ BFSR takes account of the planned
capital measures and the bank's fair earnings power at the pre-
provision income level. Moody's therefore expects that -- in an
adverse scenario -- NORD/LB will likely be able to absorb a
relatively large portion of (stressed) losses in its income
statement.
NLBL BFSR DOWNGRADED AND ALIGNED WITH THE PARENT BANK
The BFSR downgrade to D+ -- now mapping to Baa3 on the long-term
rating scale, from Baa1 previously -- is based on Moody's decision
to align this rating with the BFSR of its parent bank, NORD/LB.
The downgrade reflects (i) the close operational integration of
NLBL's business in NORD/LB group, which includes risk and
liquidity management; (ii) NLBL's limited strategic and financial
autonomy; and (iii) the bank's current dependence on funding
support from its parent. Moody's will no longer apply a standalone
BFSR to NLBL, and as a result, the subsidiary's BFSR will now move
in tandem with that of the parent bank. The outlook on this rating
is stable, in line with the stable outlook on NORD/LB's D+ BFSR.
METHODOLOGY USED
The methodologies used in these rating actions 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 Hanover, Germany, NORD/LB had total assets of EUR218
billion as of June 30, 2011, and reported a net profit of EUR215
million for the six months to June.
Domiciled in Luxembourg, NLBL had total assets of EUR18 billion as
of June 30, 2011, and reported a net profit of EUR17 million for
the six months to June.
=====================
N E T H E R L A N D S
=====================
BOYNE VALLEY: Moody's Raises Rating on Class E Notes to 'B1'
------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of the following notes issued by Boyne Valley B.V.:
Issuer: Boyne Valley B.V.
Class A-2b Senior Floating Rate Notes due 2022, Upgraded to
Aaa (sf); previously on Jun 22, 2011 Aa1 (sf) Placed Under
Review for Possible Upgrade
Class B Senior Floating Rate Notes due 2022, Upgraded to Aa1
(sf); previously on Jun 22, 2011 A1 (sf) Placed Under Review for
Possible Upgrade
Class C-1 Deferrable Interest Floating Rate Notes due 2022-1,
Upgraded to Baa1 (sf); previously on Jun 22, 2011 Ba1 (sf)
Placed Under Review for Possible Upgrade
Class C-2 Deferrable Interest Fixed Rate Notes due 2022,
Upgraded to Baa1 (sf); previously on Jun 22, 2011 Ba1 (sf)
Placed Under Review for Possible Upgrade
Class D Deferrable Interest Floating Rate Notes due 2022,
Upgraded to Ba1 (sf); previously on Jun 22, 2011 B1 (sf) Placed
Under Review for Possible Upgrade
Class E Deferrable Interest Floating Rate Notes due 2022-1,
Upgraded to B1 (sf); previously on Jun 22, 2011 Caa1 (sf) Placed
Under Review for Possible Upgrade
Class P Combination Notes due 2022, Upgraded to Baa1 (sf);
previously on Jun 22, 2011 Ba1 (sf) Placed Under Review for
Possible Upgrade
Class S Combination Notes due 2022, Upgraded to A3 (sf);
previously on Jun 22, 2011 Ba1 (sf) Placed Under Review for
Possible Upgrade
Class R Combination Notes due 2022, Upgraded to Baa1 (sf);
previously on Jun 22, 2011 Ba2 (sf) Placed Under Review for
Possible Upgrade
The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class R,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date increased by the Rated
Coupon of 45% of Euribor paid per annum, accrued on the Rated
Balance on the preceding payment date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. For Classes P,Q and T, the 'Rated
Balance' is equal at any time to the principal amount of the
Combination Note on the Issue Date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. The Rated Balance may not
necessarily correspond to the outstanding notional amount reported
by the trustee.
RATINGS RATIONALE
Boyne Valley, issued in December 2005, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European leveraged loans. The portfolio is
managed by GSO Capital Partners International LLP. This
transaction will be in reinvestment period until February 12,
2012. It is predominantly composed of senior secured loans.
According to Moody's, the rating actions taken on the notes are
primarily a result of applying Moody's revised CLO assumptions
described in "Moody's Approach to Rating Collateralized Loan
Obligations" published in June 2011.
Moody's 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 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
Moody's also notes that this action also reflects improvements of
the transaction performance since the last rating action.
The overcollateralization ratios of the rated notes have improved
since the rating action in November 2009. The Class B, Class C and
Class D overcollateralization ratios are reported at 135.8%,
117.3% and 112%, respectively, versus September 2009 levels of
133.6%, 115.5% and 110.4%, respectively and all related
overcollateralization tests are currently in compliance.
Reported WARF has increased from 2402 to 2913 between September
2009 and August 2011. The change in reported WARF understates the
actual credit quality improvement because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on September 1, 2010. According to Moody's data, the proportion of
assets with a credit risk consistent with Moody's Caa rating level
constitutes only 4.8% compared to 13.4% in September 2009. In
addition, the Trustee does not report any defaults as per August
2011 report compared to EUR16.7 million of defaulted assets held
in September 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 EUR390.7 million,
defaulted par of EUR1.2 million, a weighted average default
probability of 20.09% (consistent with a WARF of 2829), a weighted
average recovery rate upon default of 46.38% for a Aaa liability
target rating, a diversity score of 38 and a weighted average
spread of 3.32%. 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 90.95% of the
portfolio exposed to senior secured corporate assets would recover
50% upon default, while the remainder non first-lien loan
corporate assets would recover 10%. In each case, historical and
market performance trends and collateral manager latitude for
trading the collateral are also relevant factors. These default
and recovery properties of the collateral pool are incorporated in
cash flow model analysis where they are subject to stresses as a
function of the target rating of each CLO liability being
reviewed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy and 2) the large
concentration of speculative-grade debt maturing between 2012 and
2015 which may create challenges for issuers to refinance. CLO
notes' performance may also be impacted by 1) the manager's
investment strategy and behavior and 2) divergence in legal
interpretation of CDO documentation by different transactional
parties due to embedded ambiguities
The deal is allowed to reinvest and the manager has the ability to
deteriorate the collateral quality metrics' existing cushions
against the covenant levels. Although the remaining reinvestment
period is now limited to less than four months, Moodys
supplemented its base case by modelling a lower weighted average
spread consistent with the midpoint between the current and
covenanted levels, and analyzed the impact of modelling a lower
diversity score of 36.
Sources of additional performance uncertainties are described
below:
1) Moody's also notes that around 65.3% of the collateral pool
consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.
2) Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which may be
extended due to the manager's decision to reinvest into new issue
loans or other loans with longer maturities and/or participate in
amend-to-extend offerings.
The principal methodology used in this rating was "Moody's
Approach to Rating Collateralized Loan Obligations" published in
June 2011.
Moody's modeled the transaction using the Binomial Expansion
Technique, as described in Section 2.3.2.1 of the "Moody's
Approach to Rating Collateralized Loan Obligations" rating
methodology published in June 2011.
The cash flow model used for this transaction, whose description
can be found in the methodology listed above, is Moody's CDOEdge
model.
In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations. These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.
DALRADIAN EUROPEAN: Moody's Raises Rating on Class E Notes to B1
----------------------------------------------------------------
Moody's Investors Service announced that it has taken rating
actions on the following notes issued by Dalradian European CLO
III B.V.:
Issuer: Dalradian European CLO III B.V.
EUR67.5M Class A2 Senior Secured Floating Rate Notes due 2023,
Upgraded to Aaa (sf); previously on Jun 22, 2011 Aa1 (sf) Placed
Under Review for Possible Upgrade
EUR36M Class B Deferrable Secured Floating Rate Notes due 2023,
Upgraded to A1 (sf); previously on Jun 22, 2011 A3 (sf) Placed
Under Review for Possible Upgrade
EUR27M Class C Deferrable Secured Floating Rate Notes due 2023,
Upgraded to Baa2 (sf); previously on Jun 22, 2011 Ba2 (sf)
Placed Under Review for Possible Upgrade
EUR28.125M Class D Deferrable Secured Floating Rate Notes due
2023, Upgraded to Ba2 (sf); previously on Jun 22, 2011 B3 (sf)
Placed Under Review for Possible Upgrade
EUR16.875M Class E Deferrable Secured Floating Rate Notes due
2023, Upgraded to B1 (sf); previously on Jun 22, 2011 Caa3 (sf)
Placed Under Review for Possible Upgrade
EUR8M Class W Combination Notes due 2023, Upgraded to Ba1 (sf);
previously on Jun 22, 2011 Ba3 (sf) Placed Under Review for
Possible Upgrade
EUR6.5M Class X Combination Notes due 2023, Downgraded to Ba3
(sf); previously on Jun 22, 2011 Baa2 (sf) Placed Under Review
for Possible Upgrade
The ratings of the Combination Notes address the repayment of the
Rated Balance on or before the legal final maturity. For Class W,
the 'Rated Balance' is equal at any time to the principal amount
of the Combination Note on the Issue Date increased by the Rated
Coupon of 0.25% per annum respectively, accrued on the Rated
Balance on the preceding payment date minus the aggregate of all
payments made from the Issue Date to such date, either through
interest or principal payments. For Class X, the 'Rated Balance'
is equal at any time to the principal amount of the Combination
Note on the Issue Date minus the aggregate of all payments made
from the Issue Date to such date, either through interest or
principal payments. The Rated Balance may not necessarily
correspond to the outstanding notional amount reported by the
trustee.
RATINGS RATIONALE
Dalradian European CLO III B.V., issued in March 2007, is a multi-
currency Collateralised Loan Obligation ("CLO") backed by a
portfolio of mostly high yield European loans. The portfolio is
managed by Elgin Capital LLP, a wholly owned subsidiary of N M
Rothschild & Sons Limited. This transaction will be in
reinvestment period until April 2013. It is predominantly composed
of senior secured loans.
According to Moody's, the rating actions taken on the notes are
mostly 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 a
modest increase in the transaction's overcollateralization ratios
since the rating action in August 2009, and corrected inputs
regarding the initial 6-month EURIBOR and 6-month GBP LIBOR levels
used in Moody's models for the last rating action in August 2009.
The actions reflect key changes to the modeling assumptions, which
incorporate (1) a removal of the temporary 30% default probability
macro stress implemented in February 2009, (2) increased BET
liability stress factors as well as (3) change to a fixed recovery
rate modeling framework. Additional changes to the modeling
assumptions include (1) standardizing the modeling of collateral
amortization profile, (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, and (3) adjustments to the equity
cash-flows haircuts applicable to combination notes.
Today's actions also reflect the correction of a numerical input
with respect to the initial 6-month EURIBOR and 6-month GBP LIBOR
rates used in the models at the time of the last rating action in
August 2009 (as mentioned above). Had this not occurred, the
rating of EUR6.5 million Combination X note may have been up to
four notches lower at that time. The numerical input described
above had no material impact on the ratings of any other notes
issued under this transaction because their ratings were much less
sensitive to initial interest rates assumptions.
The overcollateralization ratios of the rated notes have improved
since the rating action in August 2009. The Senior Class , Class
B, and Class C overcollateralization ratios are reported in
July 2011 at 146.18%, 127.82% and 116.82%, respectively, versus
June 2009 levels of 139.66%, 123.65% and 113.86%, respectively.
Reported WARF has increased from 2,564.64 to 2876.53 between June
2009 and July 2011. However, this reported WARF overstates the
actual deterioration in credit quality because of the technical
transition related to rating factors of European corporate credit
estimates, as announced in the press release published by Moody's
on September 1, 2010. Additionally, defaulted securities total
about EUR28.73 million of the underlying portfolio compared to EUR
43.66 million in June 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 EUR360.409
million, defaulted par of EUR28.725 million, a weighted average
default probability of 19.725% (consistent with a WARF of 2977), a
weighted average recovery rate upon default of 44% for a Aaa
liability target rating, a diversity score of 36 and a weighted
average spread of 2.85%. The default probability is derived from
the credit quality of the collateral pool and Moody's expectation
of the remaining life of the collateral pool. The average recovery
rate to be realized on future defaults is based primarily on the
seniority of the assets in the collateral pool. For a Aaa
liability target rating, Moody's assumed that 85% of the portfolio
exposed to senior secured corporate assets would recover 50% upon
default, while the remainder non first-lien loan corporate assets
would recover 10%. In each case, historical and market performance
trends and collateral manager latitude for trading the collateral
are also relevant factors. These default and recovery properties
of the collateral pool are incorporated in cash flow model
analysis where they are subject to stresses as a function of the
target rating of each CLO liability being reviewed.
Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, as evidenced by 1) uncertainties of
credit conditions in the general economy, and 2) the large
concentration of speculative-grade debt maturing between 2012 and
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 described
below:
1) 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. Large single exposures
to obligors bearing a credit estimate have been subject to a
stress applicable to concentrated pools as per the report titled
"Updated Approach to the Usage of Credit Estimates in Rated
Transactions" published in October 2009.
2) 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.
3) 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.
4)The deal has significant exposure to non-EUR denominated assets.
Volatilities in foreign exchange rate will have a direct impact on
interest and principal proceeds available to the transaction,
which may affect the expected loss of rated tranches
5) Other collateral quality metrics: The deal is allowed to
reinvest and the manager has the ability to deteriorate the
collateral quality metrics' existing cushions against the covenant
levels. Moody's analyzed the impact of assuming the worse of
reported and covenanted values for weighted average rating factor,
weighted average spread, weighted average coupon, and diversity
score.
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.
E-MAC PROGRAM: S&P Lowers Rating on Class E Notes to 'B (sf)'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C, D, and E notes in E-MAC Program B.V. Compartment NL 2006-
III (E-MAC NL 2006-III). "At the same time, we affirmed our
ratings on the class A2 and B notes," S&P related.
"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received,"
S&P said.
"Our credit analysis incorporates our standard Dutch criteria (see
'Dutch RMBS Market Overview And Criteria', published on Dec. 16,
2005)," S&P related.
"In addition, we incorporate credit stability as an important
factor in our rating opinions. We consider whether we believe that
an issuer or security has a high likelihood of experiencing
unusually large adverse changes in credit quality under conditions
of moderate stress (see 'Methodology: Credit Stability Criteria,'
published on May 3, 2010)," S&P said.
"For Dutch transactions, we adjust our weighted-average loss
severities (WALS) by applying a 5% decrease in house prices and
giving full credit to the house price index (HPI). If there has
been an upward trend in arrears, we adjust our weighted-average
foreclosure frequency (WAFF) by projecting arrears based on
historical data," S&P said.
"We have projected an additional 0.27% of 120+ day arrears, as we
have seen an upward trend in long-term arrears over the past
year," S&P said.
"Our rating decisions for this transaction are driven by the
incorporation of credit stability in our credit and cash flow
analysis," S&P related.
This transaction is structured such that the reserve fund can
amortize after a few years if 90+ day arrears are lower than 2% of
the outstanding collateral balance.
The reserve fund started amortizing in July 2010; it is currently
at EUR2,517,131 and will continue amortizing to a floor of
EUR1,600,000. For the class A2, B, C, and D notes, the reduction
in credit enhancement provided by the reserve fund is more than
offset by the deleveraging of the transaction since closing.
"Our WAFF and WALS for the pool have increased for each rating
level since closing, due to an increase in the calculated
weighted-average loan-to-foreclosure value (WALTFV) to 95.31%, and
an increase in arrears to 1.22%. In our view, the subsequent
increase in required credit coverage is mitigated by the available
credit enhancement for the class A2 and B notes. Also, these notes
pass our cash flow stresses at their current ratings. Therefore,
we have affirmed our ratings on the class A2 and B notes," S&P
said.
"The increase in required credit coverage is not mitigated by the
increase in credit enhancement levels for the class C and D notes,
and these notes are unable to maintain their current ratings under
our cash flow scenarios. Therefore, we have lowered the rating on
the class C notes to 'BBB (sf)' and the class D notes to 'BB-
(sf)'," S&P said.
The class E note is an excess spread note, and is currently paying
down in line with the amortization of the reserve fund. "This note
is unable to maintain its current rating under our cash flow
stresses due to the fact that if 90+ day arrears increase above
2%, then the reserve fund would need to be topped up to
EUR10,800,000 before any excess spread could be used to pay down
the class E principal. Therefore, we have lowered our rating on
the class E notes to 'B (sf)'," S&P related.
Counterparty Criteria
"We do not consider the swap agreements for E-MAC NL 2006-III to
be in line with our 2010 counterparty criteria. Rather, the swap
counterparty's swap agreement reflects replacement language in
line with previous counterparty criteria. Therefore, under our
criteria, the highest potential rating on the notes in this
transaction is equal to the issuer credit rating on the swap
provider, Credit Suisse International, plus one notch," S&P said.
"Our analysis indicates that the notes are unable to maintain
their current ratings without credit being given to the swap. In
light of this, on June 17, 2011, we lowered to 'AA- (sf)' our
ratings on the class A and B notes in E-MAC NL 2006-III, to
reflect our rating on Credit Suisse International (A+/Stable/A-1),
plus one notch (see 'Ratings List Resolving European Structured
Finance Counterparty CreditWatch Placements --
June 17, 2011 Review')," S&P related.
Ratings List
Class Rating
To From
E-MAC Program B.V. Compartment NL 2006-III
EUR803.2 Million Residential Mortgage-Backed Floating-Rate Notes
Ratings Lowered
C BBB (sf) A (sf)
D BB- (sf) BBB (sf)
E B (sf) BB (sf)
Ratings Affirmed
A2 AA- (sf)
B AA- (sf)
EUROLOAN CLO 1: S&P Says 'CCC'-Rated Assets Decreased to 4.25%
--------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'AAA (sf)' from 'A-
(sf)' and removed from CreditWatch positive its credit rating on
Euroloan CLO 1 B.V.'s class A1 notes.
"The rating actions follow our assessment of the transaction's
Performance -- using data from the latest available trustee report
dated Aug. 31, 2011, and a cash flow analysis. We have taken into
account recent developments in the transaction and reviewed the
transaction under our 2010 counterparty criteria (see
'Counterparty and Supporting Obligations Methodology and
Assumptions,' published Dec. 6, 2010)," S&P related.
"Since we took rating action on the transaction in May 2010 (see
'Transaction Update: Euroloan CLO 1 B.V.,' published May 28,
2010), the issuer has used principal and interest proceeds to pay
down the class A1 notes. As a result, the notes' total principal
balance has reduced to EUR16.2 million from EUR165.7
million, and the class A1 notes' credit enhancement has increased
to 90.02% from 49.85%," S&P said.
"In addition, we have observed an improvement in the portfolio's
credit quality. For example, defaulted assets have decreased to 0%
from 3.60% of the portfolio, and assets rated in the 'CCC'
category (i.e., 'CCC+', 'CCC', or 'CCC-') have decreased to 4.25%
from 25.79% of the portfolio," S&P said.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rate for class A1 notes. In our
analysis, we used the reported portfolio balance that we
considered to be performing, the current weighted-average spread,
and the weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios,
using alternative default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
stress scenarios," S&P related.
"From our analysis, 24.07% of the performing assets are non-euro-
denominated, which are hedged under specific asset-swap
agreements. Our cash flow analysis also considered scenarios where
the currency swap counterparty does not perform and, as a result,
the transaction is exposed to changes in currency rates," S&P
said.
"Our credit and cash flow analyses indicate that the credit
enhancement available to the class A1 notes is now at a level that
is commensurate with a higher rating than we previously assigned.
We have therefore raised to 'AAA (sf)' from 'A- (sf)' and removed
from CreditWatch positive our rating on these notes," S&P stated.
"Our rating on the class A1 notes was not constrained by the
application of the largest obligor default test, a supplemental
stress test that we introduced in our 2009 criteria update for
corporate collateralized debt obligations (CDOs) (see 'Update To
Global Methodologies And Assumptions For Corporate Cash Flow
And Synthetic CDOs,' published Sept. 17, 2009)," S&P stated.
Euroloan CLO 1 is a static cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
October 2008 and has a legal maturity date of Jan. 28, 2029.
===============
P O R T U G A L
===============
NOVA FINANCE: Moody's Cuts Rating on EUR644-Mil. Notes to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service has downgraded notes issued by (i) Nova
Finance 4, a Portuguese consumer loan asset-backed securities
(ABS) transaction; (ii) Douro SME Series 1; and (iii) Chaves SME
CLO No. 1 (Chaves SME 1). At the same time, Moody's confirmed the
Baa1(sf) rating of the class A notes in Chaves SME 1. Both Douro
SME Series 1 and Chaves SME 1 are Portuguese SME ABS transactions.
This rating action concludes the review of the deals, which had
been pending while Moody's reviewed the ratings on the Portuguese
banks acting as originators and servicers in the three
transactions. Moody's took rating actions on these Portuguese
banks on October 7, 2011.
The rating action does not affect the class B notes issued by
Douro SME Series 1, which are guaranteed by the European
Investment Fund (EIF). The rating of these notes remains on review
for downgrade pending the conclusion of the review of the
guarantee mechanism upon a servicer disruption. For Chaves SME 1,
the rating action also concludes the review initiated by Moody's
on May 12, 2011 in response to the borrower notification event.
RATINGS RATIONALE
The rating action reflects Moody's expectation of increased
operational risk and/or commingling and set-off risk following the
downgrade of the originators and servicers in the three affected
Portuguese ABS transactions.
(1) Nova Finance 4
The rating action on the class A notes takes into account the
increased commingling risk and potential risk that borrowers set
off their deposits against outstanding loans. Moody's assumed
three months of collections to be potentially lost due to
commingling risk. In addition, Moody's assumed that 7% of the pool
would be exposed to set-off risk in an originator insolvency
scenario, as the rating agency was not provided with the actual
figure by the originator. Moody's downgraded the originator, Banco
Comercial Portugues (BCP), to Ba3/NP from Ba1/NP on October 7,
2011. The commingling and set-off assumptions combined with the
new rating of BCP resulted in the downgrade of the class A notes
to Ba2 (sf) from Baa3 (sf).
(2) Douro SME Series 1
Moody's action on the class A notes reflects the increased
operational risk triggered by the loss of Banco BPI investment
grade rating. Moody's downgraded the originator, Banco BPI, to
Ba2/NP from Baa3/P-3 on October 7, 2011. The structure does not
provide for operational risk mitigants, such as a back-up
servicing agreement and sufficient liquidity to offset the
increased operational risk that resulted in the downgrade of the
class A notes to Baa1 (sf) from A3 (sf).
(3) Chaves SME CLO No. 1
The rating action on Chaves SME CLO No. 1 is driven by recent
transaction amendments, which removed the requirement to notify
individual borrowers when the rating of Banco Portugues de
Negocios, S.A. (BPN) fell below Baa3 on April 6, 2011. Moody's
further downgraded the bank's rating to B3 on October 7, 2011,
which increased the linkage between the rating of BPN and the
rated notes in this transaction. In particular, Moody's has taken
into consideration the additional potential losses due to
commingling risk (three months of collections) and set-off risk
(around 6%) following a potential insolvency of BPN, the
probability of which has increased as a result of the bank's
downgrade. While the increase in credit enhancement levels, on the
back of portfolio amortization, offsets rising commingling risk
for the class A notes, it does not do so for the class B notes. As
a result, Moody's has confirmed the rating of the class A notes at
Baa1(sf) and has downgraded the rating of the class B notes to Ba2
(sf) from Ba1 (sf).
RATINGS LIST
Issuer: NOVA Finance No. 4 Limited
EUR644M A Notes, Downgraded to Ba2 (sf); previously on Jul 15,
2011 Downgraded to Baa3 (sf) and Remained On Review for Possible
Downgrade
Issuer: SAGRES Sociedade de Titularizacao de Creditos, S.A. (Douro
SME Series 1)
EUR445M A Notes, Downgraded to Baa1 (sf); previously on Jul 15,
2011 Downgraded to A3 (sf) and Remained On Review for Possible
Downgrade
Issuer: Chaves SME CLO No. 1
EUR527.55M A Notes, Confirmed at Baa1 (sf); previously on
Jul 15, 2011 Downgraded to Baa1 (sf) and Remained On Review for
Possible Downgrade
EUR21M B Notes, Downgraded to Ba2 (sf); previously on May 12,
2011 Downgraded to Ba1 (sf) and Placed Under Review for Possible
Downgrade
PRINCIPAL METHODOLOGIES
The methodologies used in rating Douro SME Series 1 and Chaves SME
CLO No. 1 were Moody's Approach to Rating CDOs of SMEs in Europe
published in February 2007, Refining the ABS SME Approach: Moody's
Probability of Default assumptions in the rating analysis of
granular Small and Mid-sized Enterprise portfolios in EMEA
published in March 2009 and Moody's Approach to Rating Granular
SME Transactions in Europe, Middle East and Africa published in
June 2007. The methodology used in rating Nova Finance 4 was
Moody's Approach to Rating Consumer Loan ABS Transactions,
published in July 2011. Please see the Credit Policy page on
www.moodys.com for a copy of these methodologies.
Other factors used in this rating are described in "Global
Structured Finance Operational Risk Guidelines: Moody's Approach
to Analyzing Performance Disruption Risk", published in June 2011.
The lead analyst and rating office for each of the transactions
affected are generally different from the contact and office
listed at the end of this press release. For each transaction, the
lead analyst name and the rating office is available on the issuer
page on www.moodys.com.
===========
R U S S I A
===========
SOVCOMFLOT JSC: Moody's Downgrades Issuer Rating to 'Ba1'
---------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 (i) the
issuer rating of Sovcomflot JSC (SCF); and (ii) the senior
unsecured rating assigned to the USD800 million Eurobond issued by
SCF Capital Limited, which is a 100% indirect subsidiary of SCF.
SCF guarantees the Eurobond. At the same time, Moody's has
assigned a corporate family rating (CFR) and probability of
default rating to SCF of Baa3. The outlook on all ratings is
negative.
RATINGS RATIONALE
The downgrades reflect the deterioration in SCF's operating
performance and financial metrics on the back of (i) ongoing
weakness in the global tanker shipping market; and (ii) SCF's
continued significant investment in the expansion of its fleet.
This has led to a weakening in SCF's standalone profile, which
Moody's has reflected by raising the company's baseline credit
assessment (BCA) to 12 (mapping to Ba2) from 11 (mapping to Ba1).
In particular, debt/EBITDA rose to 5.6x at the end of H1 2011from
5.0x at year-end 2010, RCF/net debt and EBIT/interest expense
declined to, respectively, 13.7% and 2.1x from 16.1% and 2.7x.
These latest financial metrics are no longer commensurate with the
Ba1 credit profile. Moody's does not expect any meaningful
improvement in SCF's financial metrics to occur before year-end
2012 at the earliest. Improvement in the company's metrics will be
subject to tanker shipping market conditions improving.
In tandem with the downgrade of the issuer rating to Ba1, Moody's
assigned a CFR to SCF of Baa3. As SCF is a 100% state-owned
company, Moody's applies its Government-Related Issuer (GRI)
rating methodology in determining SCF's CFR. According to this
methodology, the rating is driven by a combination of: (i) SCF's
BCA of 12 (mapping to Ba2); (ii) the Baa1 local currency rating of
the Russian government; (iii) the low dependence between SCF and
the government; and (iv) the strong probability of government
support.
Moody's continues to assess the default dependence between the
Russian government and SCF as being low. This assessment is based
on the fact that: (i) a large proportion of SCF's revenues come
from non-Russia related business, with most of the company's
clients being large international oil companies; and (ii) SCF's
fleet is located mostly abroad.
Also, Moody's continues to assess the probability of support from
the government as being strong due to: (i) SCF's unique
positioning for servicing strategic off-shore developments in the
Russian Arctic and Far East; (ii) government control, with four
out of the nine board members being officials in the government or
state agencies and SCF's CEO being appointed by the government;
(iii) SCF's presence in the list of strategic companies; and (iv)
Moody's assumption that at least 75% plus one share in SCF will
remain under state ownership over the next 12-18 months. With
respect to the latter point, Moody's notes that the privatization
of 25% minus one share of SCF, which might take place in 2012,
would not necessarily change the ratings agency's assumption of
strong government support, provided that all the other GRI inputs
remain unchanged.
To assess SCF's credit quality on a standalone basis as expressed
through the BCA, Moody's applied its "Global Shipping Industry
Rating Methodology", published in December 2009. A BCA of 12
(mapping to Ba2), is in line with the indication provided by the
methodology grid outcome and factors in SCF's: (i) diversified
business profile, with 35% of EBIT being derived from gas
transportation and offshore businesses that, unlike the
conventional tanker market, are not experiencing a downturn (ii)
sustainable operating cash flow generation due to limited exposure
to the spot market, with around 46% of the company's revenues
being secured under long-term contracts; (ii) strong asset base,
with the fleet market value being 1.8x higher than total debt as
of June 2011; (iv) solid liquidity, with cash and available
medium-term facilities comfortably covering its short-term debt
maturities; and (v) lengthy debt maturity profile, with 87% of
debt maturing beyond 2012.
However, these positive factors are partially offset by: (i)
negative free cash flow generation resulting from the company's
significant investment in the expansion of its fleet; (ii) the
weak positioning of SCF in its BCA category due to continuing
deterioration of its three-year average financial metrics; and
(iii) Moody's expectation that any meaningful recovery in SCF's
financial profile will not start before 2012 at the earliest.
Moody's notes that both SCF's issuer rating and the senior
unsecured rating assigned to SCF Capital's Eurobond issuance, are
one notch below the CFR. This difference reflects the structural
and contractual subordination of the bond to secured debt, which
comprises 67% of the SCF group's total debt at Q2 2011.
The negative outlook reflects uncertainty over the pace of
recovery in SCF's standalone credit profile. The CFR could be
downgraded by one notch if there is no evidence that the company's
financial metrics have started recovering by year-end 2012, such
that its debt/EBITDA and (FFO + interest expense)/interest expense
ratios are trending towards 5.0x and above 3.75x, respectively
(compared with 5.5x and 3.2x, respectively, expected at year-end
2011). Since SCF's good liquidity profile is an important
supportive factor, a material weakening of its liquidity profile
would exert downward pressure on the rating.
Upward pressure on the BCA could occur if the company reduced its
debt/EBITDA ratio solidly below 4.5x and increased FFO interest
coverage above 4.0x on a sustainable basis.
PRINCIPAL METHODOLOGY
The principal methodology used in rating Sovcomflot JSC was the
Global Shipping Industry Methodology published in December 2009.
Other methodologies used include the Government-Related Issuers
methodology published in July 2010.
Sovcomflot is the leading Russian energy shipping group, servicing
approximately 25% of all seaborne hydrocarbons exports from
Russia. SCF is 100% state-owned. At June 30, 2011, its LTM
revenues were US$1.37 billion. The company ranks in the world's
top five energy-shipping players by deadweight tonnage (DWT), with
a fleet of 148 vessels in operation (as of June 2011), of which
four are chartered in, for a total of 11.6 million DWT. In
addition, 17 ordered buildings of total 1.8 million DWT are to be
delivered in 2012-14.
SOVCOMFLOT JSC: Moody's Cuts NSR Rating Due to 'Ba1' GSR Rating
---------------------------------------------------------------
Moody's Interfax Rating Agency has downgraded the long-term
national scale issuer rating (NSR) of Sovcomflot JSC (SCF) to
Aa1.ru from Aaa.ru. Moody's Interfax is majority-owned by Moody's
Investors Service (MIS). The outlook on the rating is negative.
RATINGS RATIONALE
The downgrade of SCF's NSR issuer rating follows the downgrade of
SCF's global scale issuer rating to Ba1 from Baa3 by MIS.
The negative outlook reflects uncertainty over the pace of
recovery in SCF's standalone credit profile. The rating could be
downgraded by one notch if there is no evidence that the company's
financial metrics have started recovering by year-end 2012, such
that its debt/EBITDA and (FFO + interest expense)/interest expense
ratios are trending towards 5.0x and above 3.75x, respectively
(compared with 5.5x and 3.2x, respectively, expected at year-end
2011). Since SCF's good liquidity profile is an important
supportive factor, a material weakening of its liquidity profile
would exert downward pressure on the rating.
Upward pressure on SCF's baseline credit assessment (BCA) could
occur if the company reduced its debt/EBITDA ratio solidly below
4.5x and increased FFO interest coverage above 4.0x on a
sustainable basis.
PRINCIPAL METHODOLOGY
The principal methodology used in rating Sovcomflot JSC was the
Global Shipping Industry Methodology published in December 2009.
Other methodologies used include the Government-Related Issuers
Methodology Update published in July 2010.
Sovcomflot is the leading Russian energy shipping group, servicing
approximately 25% of all seaborne hydrocarbons exports from
Russia. SCF is 100% state-owned. At June 30, 2011, its LTM
revenues were US$1.37 billion. The company ranks in the world's
top five energy-shipping players by deadweight tonnage (DWT), with
a fleet of 148 vessels in operation (as of June 2011), of which
four are chartered in, for a total of 11.6 million DWT. In
addition, 17 ordered buildings of total 1.8 million DWT are to be
delivered in 2012-14.
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).
=========
S P A I N
=========
SANTANDER PUBLICO: Moody's Cuts Rating on EUR37MM Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
following classes of notes issued by Fondo de Titulizacion de
Activos Santander Publico 1 (Santander Publico 1):
EUR1813M A Notes, Downgraded to A3 (sf) and Remains On Review
for Possible Downgrade; previously on Mar 16, 2011 Aaa (sf)
Placed Under Review for Possible Downgrade
EUR37M B Notes, Downgraded to Ba1 (sf) and Remains On Review for
Possible Downgrade; previously on Mar 16, 2011 A2 (sf) Placed
Under Review for Possible Downgrade
RATINGS RATIONALE
The rating action reflects the low credit enhancement of each
tranche in relation to the updated credit assessment of the
portfolio quality and concentration issues. The ratings of the
Series A and B notes remain on review for downgrade pending the
conclusion of the downgrade reviews of the Government of Spain
(Aa2/P-1), and a number of Spanish sub-sovereign entities, which
have been on review since July 28, 2011. The result of these
reviews could potentially trigger a revision of the credit
estimate and Q scores of the entities in the pool.
PORTFOLIO CREDIT QUALITY
As a result of amortization (the pool factor is now 23%),
Santander Publico 1's portfolio concentrations have evolved
significantly since closing. Currently, the pool includes exposure
to 623 Spanish public debtors, mainly city councils (59%),
regional/provincial councils (19.2%) and universities (14.4%). The
portfolio has high levels of concentration with the top obligor
representing 6.6% of the pool; the top 10 obligors, 34.2%; and the
top 20 obligors, 49%. This breakdown translates into an effective
number of borrowers of 55. Only one entity, which represents 0.8%
of the pool, is publicly rated by Moody's. Moody's assessed the
creditworthiness of the top 5 exposures, which together represent
more than 3% of the pool, through credit estimates that the rating
agency updated in July 2011. Moody's assessed the creditworthiness
of the majority of the remaining borrowers using Q scores, which
it updated in June 2011. For the 3.1% of the pool where neither
credit estimates nor Q scores were available, Moody's assumed a
credit quality of Ba2. Based on these updated data, Moody's has
assumed an average credit quality of A3 and a weighted average
life (WAL) of 2.8 years for the pool.
As credit estimates and Q scores do not carry credit indicators,
such as ratings reviews and outlooks, Moody's performed several
stress tests. In the rating agency's base-case scenario, it
downgraded all credit estimates by two notches, which resulted in
an average adjusted credit quality of Baa1 (vs A3 before the two
notch downgrade on credit estimates). Moreover, the quasi-
sovereign and sovereign profile of the majority of the debtors,
who are all domiciled in Spain, leads to a 100% correlation
assumption in Moody's model. The rating agency assumed a 45%
recovery rate on defaulted assets, in order to model the possible
restructuring of defaulted loans.
In the application of the "Updated Approach to the Usage of Credit
Estimates in Rated Transactions" (October 2009), Moody's performed
a number of sensitivity analyses, including "jump-to-default"
tests. When downgrading either of the two senior exposures to
Caa2, the rating agency concluded that the model output for the
senior tranche would not be affected by more than one notch
compared to the base-case scenario. This indicates that the
available credit enhancement and credit quality of the portfolio
on the senior tranches are resilient to standard stresses. The
sensitivity of the Series B notes to such stresses justified their
downgrade below investment grade given the low credit enhancement
of 3.3% and the large borrowers concentrations.
STRUCTURE
This transaction is a static securitization of a portfolio of
loans to Spanish public entities, which closed in December 2004.
The closing loan portfolio of EUR1,850 million has substantially
amortized to its current size of EUR420 million. The Class A and B
notes benefit from credit enhancement of approximately 7.3% and
3.3% respectively, including a EUR13.9 million reserve fund. The
reserve fund has amortized down to its minimum level on the back
of the transaction's good performance to date. After having
amortized pro rata, the Class A and B notes will amortize
sequentially when the balance of the Class B notes has reached
EUR9.2 million, which Moody's expects to happen in Q3 2013 or
earlier if performance were to deteriorate.
PERFORMANCE
The performance of Santander Publico 1 expressed in terms of 90+
day delinquencies and cumulative artificial write-offs (loans more
than 12 months in arrears) has been very good since closing. Since
December 2004 and until the last reporting date in January 2011,
90+ day delinquencies never exceeded 0.3% of current balance and
written-off loans totalled only EUR0.13 million.
PRINCIPAL METHODOLOGIES
The principal methodology used in this rating was Moody's Approach
to Rating Collateralized Loan Obligations, published in June 2011.
Moody's used its excel-based cash flow model, Moody's ABSROM(TM),
as part of its quantitative analysis of the transaction. Moody's
ABSROM(TM) model enables users to model various features of a
standard European ABS transaction including: (i) the specifics of
the default distribution of the assets, their portfolio
amortization profile, yield or recoveries; and (ii) the specific
priority of payments, triggers, swaps and reserve funds on the
liability side of the ABS structure. Moody's ABSROM(TM) User Guide
is available on Moody's website and covers the model's
functionality as well as providing a comprehensive index of the
user inputs and outputs. MOODY'S CDOROMv2.8(TM) was used to
estimate the default distribution.
===========================
U N I T E D K I N G D O M
===========================
CATALYST HEALTHCARE: Moody's Raises 2040 Bonds Rating From 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has upgraded to Baa3 from Ba1 the
underlying rating of the GBP218.05 million of index-linked
guaranteed secured bonds due in 2040 (the Bonds) issued by
Catalyst Healthcare (Manchester) Financing plc (the Issuer).
Concurrently, Moody's has also upgraded the GBP175 million
guaranteed secured loan provided to the Issuer by the European
Investment Bank (the EIB Debt). The outlook is positive.
The Issuer is a financing conduit established in 2004 to on-lend
the proceeds of the Bonds and the EIB Debt to Catalyst Healthcare
(Manchester) Limited. Catalyst was formed to take over and upgrade
an existing hospital estate in the centre of Manchester, England,
which now forms a 1,470-bed hospital. The project is being
procured and paid for by the Central Manchester University
Hospitals NHS Foundation Trust (the Trust).
RATINGS RATIONALE
"The upgrade reflects the issuance of the final completion
certificate on May 23, 2011, the resolution of outstanding legacy
issues, an improvement in the relationship between the project
participants, and the improvement in the performance of hard and
soft facilities management," says Declan O'Brien, an Analyst in
Moody's Infrastructure Finance Group.
The Bonds and the EIB Debt benefit from an unconditional and
irrevocable guarantee of scheduled principal and interest by Ambac
Assurance UK Limited (Ambac). However, given that Ambac's
insurance financial strength rating was withdrawn on April 7,
2011, the rating on the Bonds and EIB Debt is currently determined
by the underlying rating.
The Baa3 underlying rating reflects (i) construction completion,
although some construction variations remain; (ii) the project's
stable revenue stream; (iii) improved service performance in
respect of hard and soft facilities management; (iv) the
challenging relationship between the Issuer and the Trust which is
likely to see Warning Notices issued periodically; (v) high
leverage, which reduces the Issuer's ability to withstand
unexpected stress; (vi) certain structural features that mitigate
the risk of high leverage; (vii) Moody's assumption of a high
probability of recovery in the event of project termination; and
(viii) the credit strength of the Trust.
Moody's would consider upgrading the underlying rating if the
Issuer were to demonstrate a significant continuous improvement in
service delivery and resolve of all the construction variations
and deductions issues.
Conversely, Moody's would consider downgrading the underlying
rating if the project were to suffer a revenue shortfall or
performance failure that could not easily be accommodated within
the available contractual protections.
PREVIOUS RATING ACTION & PRINCIPAL METHODOLOGY
Please see ratings tab on the issuer/entity page on Moodys.com for
the last Credit Rating Action and the rating history.
The principal methodology used in rating the Bonds was the
"Operating Risk in Privately Financed Public Infrastructure
(PFI/PPP/P3) Projects" rating methodology, published December
2007.
EVENT HOSPITALITY: Trading Standard Officers Probe Director
-----------------------------------------------------------
Steve Bradley at Birmingham Mail reports that Event Hospitality
Limited director Chris Abbotts is being investigated by Birmingham
trading standards officers following complaints against two other
firms he runs. Mr. Abbotts wound up his firm Event Hospitality in
June, the report says.
The Mail was contacted by an unhappy Event Hospitality Limited
customer, and has spoken to others left dissatisfied after booking
trips to the V Festival and concerts by Bon Jovi with the firm.
According to the report, trading standards officers at Birmingham
City Council are investigating now concerns raised about two other
companies run by the 52-year-old -? namely Abbotts Travel and
Abbotts Sports Travel.
"We've received a number of enquiries regarding Abbotts Travel and
Abbotts Sports Travel which we are looking into," a spokeswoman
told the Mail. "As always we would advise consumers to go via
authorised suppliers and to not part with any money if they have
concerns."
The Mail relates that Labour MP Madeleine Moon said she became
concerned about Mr. Abbotts' firm Event Hospitality after one of
her constituents said he had been left out of pocket after booking
tickets.
The Mail quotes Mr. Abbotts' solicitor Christopher Axford, of
London-based firm Druces, as saying, that "Mr. Abbotts approached
us regarding a concern he had over the actions and advice provided
by the liquidator of a company he owned, Event Hospitality Limited
(now in liquidation), being Butcher Woods."
"Mr. Abbotts has been trying to reach agreement with the
liquidator for the company's creditors, of whom there are very
few, to be paid in full and for the company to be either dissolved
on a solvent basis, or for the liquidation to be a solvent one.
"Mr. Abbotts has been frustrated by the response of the liquidator
to this suggested route, and we have been instructed to take
action in the courts to have the liquidation stayed so that one of
the solvent routes can be adopted, and are writing to Butcher
Woods in connection with the advice they have provided and their
actions thus far," Mr. Axford told the Mail.
MOUCHEL GROUP: Interim Chairman Steps Down Amid Debt Talks
----------------------------------------------------------
Mark Wembridge at The Financial Times reports that David Sugden,
the interim chairman of Mouchel Group plc, has quit after only
four days in the job.
Mr. Sugden, who had been a non-executive director at the group
since January, took over as chairman from Bo Lerenius on a
temporary basis last Thursday, the FT relates. He resigned on
Sunday after deciding that he could not continue in the job on a
stop-gap basis, the FT discloses.
According to the FT, Sir Michael Lyons, senior independent
director and former chairman of the BBC Trust, will step in as the
next interim chairman until a permanent replacement can be found.
Mouchel, as cited by the FT, said Mr. Sugden's resignation
"follows further discussions with the board and other key parties
about the best way to secure the group's future".
On Oct. 6, Mouchel announced an GBP8.6 million profit downgrade as
a result of an overly optimistic view of some local authority
contracts and a GBP4.3 million accounting error made by a client's
actuaries, the FT recounts. The setback led to the resignation of
Richard Cuthbert, chief executive, on the same day that Mr.
Lerenius left the group, the FT notes.
Mouchel, the FT says, will breach banking covenants unless it can
come to a deal with lenders -- Lloyds, Royal Bank of Scotland and
Barclays.
They have appointed KPMG as independent advisers as they seek to
understand more fully Mouchel's problems, and the group has pushed
back the date that it will report its full-year results by a month
to Nov. 30, the FT discloses.
Mouchel is saddled with GBP87 million of debt and is scheduled to
repay GBP30 million to its banks in March, the FT states. Its
covenants include a pledge for debt to be no higher than 2.44
times the company's underlying earnings before interest, tax,
depreciation and amortization, which are estimated to come in at
GBP34 million for the full year, according to the FT.
The company is now attempting to persuade its banks to loosen the
terms of its covenants to give management breathing room to find a
solution, which could involve a sale of all or parts of the
business, the FT discloses.
Mouchel Group plc -- http://www.mouchel.com/-- is a consulting
and business services company supporting clients in developing and
managing their infrastructure assets. The Company operates in
three segments: Government Services, Regulated Industries and
Highways.
NEWCASTLE BUILDING: Moody's Withdraws 'D-' BFSR
-----------------------------------------------
Moody's Investors Service has withdrawn the Ba3/non-Prime deposit
ratings as well as D- Bank Financial Strength Rating (BFSR) of
Newcastle Building Society.
RATINGS RATIONALE
Moody's has withdrawn the ratings for its own business reasons.
For more information please refer to the Moody's Investors
Service's Policy for Withdrawal of Credit Ratings, available on
its Web site, www.moodys.com.
Newcastle Building Society is based in Newcastle, UK with total
assets of GBP4.4billion as of year-end 2010.
NOAH'S ARK: Placed Into Voluntary Liquidation
---------------------------------------------
Tristan Harris at The Bromsgrove Standard reports that Noah's Ark
Trust has been placed into voluntary liquidation. Mark Bowen of
MB Insolvency has been called in to the Noah's Ark Trust and the
Worcester-based charity's activities have ceased, the report says.
The organization, which operated across the whole of
Worcestershire, has 14 employees and had an annual turnover of
almost GBP500,000. With the charity being placed in liquidation,
the staff members have been made redundant.
"Unfortunately the charity has been hit hard by the recession and,
despite recently announcing a staff restructure and the launching
of the 'Help us to keep the Ark afloat' appeal, it has been unable
to raise enough vital funds to keep the service going," the report
quotes Mr. Bowen as saying.
"The board of trustees has determined the charity is no longer
able to survive and activities have ceased."
Families, who are currently receiving, or were due to receive,
support from the bereavement team will no longer be able to do so.
"We will be working closely with employees affected by this
decision to ensure that they receive the support they need during
this difficult time and to assist them with their claims for
redundancy and other compensatory payments," added Mr Bowen.
Noah's Ark Trust is a bereavement charity which provided help and
support for children, young people and their families after the
death of mum, dad or someone close.
RAPPORT CREATIVE: Placed Into Liquidation
-----------------------------------------
The Drum reports that Rapport Creative has been placed into
liquidation after 22 years in business.
The agency, which was run by directors Andy Porter and Robert
Dillon, is understood to have had two other members of staff at
the time of closing, the report says.
The Drum relates that Mr. Porter appears to have relaunched the
agency as Veracity Digital a week after the company's closure.
The new agency, registered at Enterprise House in Bromborough, is
using the same number as Rapport. CreditSafe said the new company
was established on September 5.
Rapport Creative is a creative advertising and digital agency
based in Chelshire, UK.
ROYAL BANK: "Most Vulnerable Bank in Europe," Credit Suisse Says
----------------------------------------------------------------
Harry Wilson at Irish Independent reports that analysts at
Credit Suisse said Royal Bank of Scotland is the "most vulnerable"
bank in Europe and could be forced to raise
GBP17 billion in new money to shore up its capital ratios, more
than any other major European lender.
According to Irish Independent, the UK state-backed bank is
already 83% owned by the taxpayer and would likely face full
nationalization under the scenario set out by Credit Suisse, which
estimates RBS might face a capital shortfall of GBP16.9 billion in
a new round of Europe-wide industry stress tests.
"RBS appears to be the most vulnerable although the company has
said that the methodology, especially the calculation of trading
income, is especially harsh for them," Irish Independent quotes
Credit Suisse as saying.
RBS declined to comment on the Credit Suisse note.
Irish Independent notes that a source close to RBS described the
Credit Suisse report as an "outlier" and other analysts say the
bank is unlikely to need a new capital injection.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed of its entire
interest in Global Voice Group Ltd.
* UK: Insolvency Service Winds Up 61 Companies for Breaches
-----------------------------------------------------------
Sixty-one companies believed to be under the control of a foreign
resident director which filed false and misleading information and
failed to co-operate with investigators have been wound up in the
High Court following an investigation by Company Investigations of
the Insolvency Service.
The winding up orders were all made on Oct. 4, 2011. None of the
companies were represented at court.
The investigation found that all of the companies are somehow
connected with a Mr. Rainer Von Holst and Ms. Ann Von Holst who
run a business offering English companies to German clients when
"bankruptcy or commercial difficulties threaten."
The case against the Companies was not based on anything they had
done in the course of trading and in fact most, if not all, the
companies appeared to be dormant. The investigation uncovered a
serious lack of transparency as to who controlled the companies
with the named directors proving entirely unresponsive.
Commenting on the case, Geoff Hanna, an Investigation manager,
said, "This action was based on a serious disregard for the laws
which govern all limited liability companies; laws which are
intended to ensure that limited liability is not abused and that
members of the public can contact the companies and regulators can
obtain information. We will not allow the reputation of the UK
corporate regime to be tarnished by allowing such abuses to
continue with impunity."
The grounds for winding up the companies included:
-- Incorrect particulars filed at Companies House;
-- Breaches of the Companies Act 2006;
-- Lack of transparency; and
-- Failure to co-operate with the investigators.
At one time all 61 companies had their registered office address
at 4 Priory Road, Kenilworth, Warwickshire. The same address was
also used by the directors and company secretaries of the
companies. There was no evidence they had any right to use the
address and had no presence there. The companies were in breach of
the requirements to keep certain statutory records at their
registered offices.
There have been breaches of the requirement in the Companies Act
2006 to have a natural person as a director.
The 4 Priory Road, Kenilworth address did not lead to those in
control of the companies and there was no other means of
contacting the companies or finding out who controlled them.
Responses received by investigators from Ranier Von Holst and Ann
Von Holst were inconsistent; ranging from querying the
investigators' entitlement to information, to claiming it would
take ?some time' to collate the information, to alleging that the
enquiries would be passed to ?those responsible' without
specifying whom. In the event no documents were ever produced to
the investigators.
The petitions to wind up these companies in the public interest
were presented to the High Court under s.124A of the Insolvency
Act 1986 on various dates between May 6 and May 21, 2011.
A full list of the companies, their dates of incorporation and
registered office addresses can be found at:
http://www.wired-gov.net/wg/wg-news-1.nsf/lfi/421598
===============
X X X X X X X X
===============
* Bank of Ireland & Lloyds to Put Worst of Debt Crisis Behind
-------------------------------------------------------------
Fears that Greece and other highly indebted countries may default
on their debts have hit banks across the Eurozone and United
Kingdom in recent months. Earlier this week, investors finally
received signals from the European Commission that solutions to
the debt crisis are on the way with a possible round of bank
recapitalizations. According to The Wall Street Journal analysts
warn, however, that recapitalizations could "dilute shareholders
and result in governments holding large swathes of the banking
sector." The Bedford Report examines the outlook for companies in
the Foreign Banking Sector and provides stock analysis on The Bank
of Ireland and Lloyds Banking Group PLC. Access to the full
company reports can be found at:
http://www.bedfordreport.com/IRE
http://www.bedfordreport.com/LYG
German Chancellor Angela Merkel and French President Nicolas
Sarkozy put bank recapitalization at the top of the priority list
in an Oct. 9 declaration in Berlin that triggered a flurry of
consultations in European capitals. Meanwhile, European Central
Bank chief Jean-Claude Trichet said that European banks and
supervisors, including the EBA, should do everything they can to
address the need for recapitalization and banks shouldn't be
reluctant to accept state help when needed.
European Commission President Jose Manuel Barroso told the
European parliament that the region "must urgently strengthen the
banks." He said European Union member governments, the European
Central Bank and the European Commission must coordinate efforts
to recapitalize banks through private and state injections,
provide full transparency on the sovereign debt exposures at all
systemically important banks and introduce temporary, higher
capital requirements after accounting for those government bond
holdings. Banks falling short on capital under the measures
should be barred by regulators from paying dividends or employee
bonuses, Barroso said.
The Bedford Report releases investment research on the Foreign
Banking Sector so investors can stay ahead of the crowd and make
the best investment decisions to maximize their returns. Take a
few minutes to register with us free at
http://www.bedfordreport.com/and get exclusive access to our
numerous analyst reports and industry newsletters.
The Commission also asked for a "prudent valuation of all
sovereign debt, whether in the banking book or the trading book"
of banks. The international body recently complained that many
banks were not taking adequate writedowns on bonds that they plan
to hold until they mature.
Barroso also called for a permanent bailout fund, the European
Stability Mechanism, to come into force in mid-2012, one year
ahead of schedule. The stability mechanism, in contrast to the
current bailout fund, requires private investors to take losses on
government bonds if a nation needs to write off some of its debt
load.
* Weil Gotshal's Relocates London Office
----------------------------------------
Weil Gotshal's London office has relocated to 110 Fetter Lane,
London EC4A 1AY on October 3, 2011.
The office's telephone (including extension numbers), fax and DX
details will remain the same:
Tel: +44 20 7903 1000
Fax: +44 20 7903 0990
DX 124402 London/City
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
KA FINANZ AG 3730Z AV -9072224.934 22043329918
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
LIBRO AG LBROF US -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -31284693.65 200208144.5
S&T SYSTEM INTEG SYA GR -31284693.65 200208144.5
S&T SYSTEM INTEG SNTS ES -31284693.65 200208144.5
S&T SYSTEM INTEG STSQF US -31284693.65 200208144.5
S&T SYSTEM INTEG SYA EX -31284693.65 200208144.5
S&T SYSTEM INTEG SNT EU -31284693.65 200208144.5
S&T SYSTEM INTEG SYAG IX -31284693.65 200208144.5
S&T SYSTEM INTEG SLSYF US -31284693.65 200208144.5
S&T SYSTEM INTEG SNTS IX -31284693.65 200208144.5
S&T SYSTEM INTEG SNTA PZ -31284693.65 200208144.5
S&T SYSTEM INTEG SNT EO -31284693.65 200208144.5
S&T SYSTEM INTEG SNT AV -31284693.65 200208144.5
SKYEUROPE SKY PW -89480492.56 159076577.5
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.56 159076577.5
SKYEUROPE HLDG SKURF US -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.56 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.56 159076577.5
SKYEUROPE HLDG SKY EU -89480492.56 159076577.5
SKYEUROPE HLDG SKY AV -89480492.56 159076577.5
SKYEUROPE HLDG SKY EO -89480492.56 159076577.5
SKYEUROPE HLDG SKY LI -89480492.56 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.56 159076577.5
SKYEUROPE HLDG S8E GR -89480492.56 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BALTA SARL 3679528Z BB -213655263.9 956320938.3
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
COMPAGIMMOBDU BR 3727538Z BB -5867835.156 164809982.4
EON BELGIUM NV 3730258Z BB -8101077.851 251156828.9
EXPLORER NV 4289181Z BB -11594573.86 281605390.1
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -25317190.48 175772641.2
KIA MOTORS BELGI 3729658Z BB -40305545.64 136441397.8
KOREAN MOTOR CO 4161341Z BB -6368236.209 149093852.6
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -119299289.7 158958659.1
SCARLET BELGIUM 4171157Z BB -28951978.94 137456538.4
SCARLETT BUSINES 3724850Z BB -71847152.77 130053838
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
UNIVERSAL MUSIC 3738307Z BB -12191533.66 143700285.8
CROATIA
-------
BADEL 1862 DD BD62RA CZ -14314922.98 136681894.4
MAGMA DD MGMARA CZ -6945891.192 118172308.3
OT OPTIMA TELEKO 2299892Z CZ -83005841.81 114547056.6
OT-OPTIMA TELEKO OPTERA CZ -83005841.81 114547056.6
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 LHGCYP EO -39648682.41 209021322.6
LIBRA HOLIDAYS LHGCYP EU -39648682.41 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.41 209021322.6
LIBRA HOLIDAYS G LHG EU -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 CKDH US -89435858.16 192305153
CKD PRAHA HLDG CDP EX -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
CKD PRAHA HLDG CKDH CP -89435858.16 192305153
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CSA AS 1000Z CP -127978073.4 432492914
SETUZA AS 2994767Q EO -61453764.17 138582273.6
SETUZA AS SETUZA PZ -61453764.17 138582273.6
SETUZA AS SZA GR -61453764.17 138582273.6
SETUZA AS SETU IX -61453764.17 138582273.6
SETUZA AS SETUZA CP -61453764.17 138582273.6
SETUZA AS 2994763Q EU -61453764.17 138582273.6
SETUZA AS 2994755Q EU -61453764.17 138582273.6
SETUZA AS 2994759Q EO -61453764.17 138582273.6
SETUZA AS SZA EX -61453764.17 138582273.6
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
CIMBER STERLING CIMBE EU -5227729.374 192575897.9
CIMBER STERLING CIMBER DC -5227729.374 192575897.9
CIMBER STERLING CIMBE EO -5227729.374 192575897.9
CIMBER STERLING CIMBER BY -5227729.374 192575897.9
ELITE SHIPPING ELSP DC -27715991.74 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.543 110737536.3
GREEN WIND ENERG G7W1 GR -11320362.72 176234029.6
GREEN WIND ENERG GW EO -11320362.72 176234029.6
GREEN WIND ENERG GW BY -11320362.72 176234029.6
GREEN WIND ENERG G7W GR -11320362.72 176234029.6
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FRANCE
------
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GERMANY
-------
AGOR AG DOO S1 -482449.8788 144432986.2
AGOR AG NDAGF US -482449.8788 144432986.2
AGOR AG DOO EU -482449.8788 144432986.2
AGOR AG DOOD PZ -482449.8788 144432986.2
AGOR AG DOO GR -482449.8788 144432986.2
AGOR AG DOOG IX -482449.8788 144432986.2
AGOR AG DOO EO -482449.8788 144432986.2
AGOR AG-RTS 2301918Z GR -482449.8788 144432986.2
ALNO AG ANO S1 -73119134.74 198564619.3
ALNO AG ANO EU -73119134.74 198564619.3
ALNO AG ANO GR -73119134.74 198564619.3
ALNO AG ANO TH -73119134.74 198564619.3
ALNO AG ANO EO -73119134.74 198564619.3
ALNO AG ANO PZ -73119134.74 198564619.3
ALNO AG ALNO IX -73119134.74 198564619.3
ALNO AG - RTS ANO2 GR -73119134.74 198564619.3
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ALNO AG-RTS 2259765Z GR -73119134.74 198564619.3
ALNO AG-RTS 4123912Z GR -73119134.74 198564619.3
ATRONIC INTERNAT 504688Z GR -30668737.79 163495101.6
BROKAT AG BRKAF US -27139603.03 143536830.1
BROKAT AG BKISF US -27139603.03 143536830.1
BROKAT AG BROAF US -27139603.03 143536830.1
BROKAT AG BROFQ US -27139603.03 143536830.1
BROKAT AG -NEW BRJ1 GR -27139603.03 143536830.1
BROKAT AG -NEW BRJ1 NM -27139603.03 143536830.1
BROKAT AG-ADR BROA US -27139603.03 143536830.1
BROKAT TECH -ADR BROAQ US -27139603.03 143536830.1
BROKAT TECH AG BRJ GR -27139603.03 143536830.1
BROKAT TECH AG BSA LN -27139603.03 143536830.1
BROKAT TECH AG BRJ NM -27139603.03 143536830.1
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CBB HOLDING AG COBG PZ -42994818.04 904723627.8
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COGNIS HOLDING G 635952Z GR -1587896974 2850475613
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DFS DEUTSCHE FLU 1070Z GR -362698323.5 1370382283
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EDOB ABWICKLUNGS ESC TQ -22323468.51 425598807.8
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EDOB ABWICKLUNGS ESC PZ -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC GR -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC TH -22323468.51 425598807.8
EDOB ABWICKLUNGS ESC BQ -22323468.51 425598807.8
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EM.TV & MERCHAND 985403Q GR -22067243.56 849175624.7
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ESCADA AG ESCG IX -22323468.51 425598807.8
ESCADA AG -PFD ESC3 GR -22323468.51 425598807.8
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ESCADA AG-NEW ESCC GR -22323468.51 425598807.8
ESCADA AG-NEW 3069367Q GR -22323468.51 425598807.8
ESCADA AG-NEW 835345Q GR -22323468.51 425598807.8
ESCADA AG-NEW ESCD GR -22323468.51 425598807.8
ESCADA AG-NEW ESCN GR -22323468.51 425598807.8
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ESCADA AG-RTS ESCE GR -22323468.51 425598807.8
ESCADA AG-SP ADR ESCDY US -22323468.51 425598807.8
GENERAL ELECTRIC 4501923Z GR -547318343.8 8720530002
GUENTHER & SOHN GUS GR -9612095.264 130075209
GUENTHER & SOHN GUS EO -9612095.264 130075209
GUENTHER & SOHN GUS PZ -9612095.264 130075209
GUENTHER & SOHN GUS EU -9612095.264 130075209
KABEL DEUTSCHLAN KD8 BQ -2357298804 2892306039
KABEL DEUTSCHLAN KD8 QM -2357298804 2892306039
KABEL DEUTSCHLAN KD8 TH -2357298804 2892306039
KABEL DEUTSCHLAN KD8 IX -2357298804 2892306039
KABEL DEUTSCHLAN KD8 PZ -2357298804 2892306039
KABEL DEUTSCHLAN KD8USD EU -2357298804 2892306039
KABEL DEUTSCHLAN KD8 EU -2357298804 2892306039
KABEL DEUTSCHLAN KD8GBP EO -2357298804 2892306039
KABEL DEUTSCHLAN KD8 NR -2357298804 2892306039
KABEL DEUTSCHLAN KD8 GR -2357298804 2892306039
KABEL DEUTSCHLAN KBDHF US -2357298804 2892306039
KABEL DEUTSCHLAN KD8 S1 -2357298804 2892306039
KABEL DEUTSCHLAN KD8 EO -2357298804 2892306039
KABEL DEUTSCHLAN KD8USD EO -2357298804 2892306039
KABEL DEUTSCHLAN KD8 EB -2357298804 2892306039
KABEL DEUTSCHLAN KD8 TQ -2357298804 2892306039
KABEL DEUTS-CW10 DB7KWG GR -2357298804 2892306039
KAUFRING AG KFR EO -19296489.56 150995473.8
KAUFRING AG KFR PZ -19296489.56 150995473.8
KAUFRING AG KFR EU -19296489.56 150995473.8
KAUFRING AG KFR GR -19296489.56 150995473.8
KAUFRING AG KAUG IX -19296489.56 150995473.8
MAERKLIN 730904Z GR -8321071.921 115821977.5
MANIA TECHNOLOGI MNIG IX -35060809.35 107465713.6
MANIA TECHNOLOGI MNI GR -35060809.35 107465713.6
MANIA TECHNOLOGI MIAVF US -35060809.35 107465713.6
MANIA TECHNOLOGI MNI PZ -35060809.35 107465713.6
MANIA TECHNOLOGI MNI NM -35060809.35 107465713.6
MANIA TECHNOLOGI 2260970Z GR -35060809.35 107465713.6
MANIA TECHNOLOGI MNI TH -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EO -35060809.35 107465713.6
MANIA TECHNOLOGI MNI1 EU -35060809.35 107465713.6
MANIA TECHNOLOGI MNI S1 -35060809.35 107465713.6
MATERNUS KLINI-N MAK1 GR -14418459.3 182876466.8
MATERNUS-KLINIKE MNUKF US -14418459.3 182876466.8
MATERNUS-KLINIKE MAK EU -14418459.3 182876466.8
MATERNUS-KLINIKE MAK S1 -14418459.3 182876466.8
MATERNUS-KLINIKE MAK EO -14418459.3 182876466.8
MATERNUS-KLINIKE MAK PZ -14418459.3 182876466.8
MATERNUS-KLINIKE MAK TH -14418459.3 182876466.8
MATERNUS-KLINIKE MAK GR -14418459.3 182876466.8
MATERNUS-KLINIKE MAKG IX -14418459.3 182876466.8
NORDAG AG DOO1 GR -482449.8788 144432986.2
NORDAG AG-PFD DOO3 GR -482449.8788 144432986.2
NORDAG AG-RTS DOO8 GR -482449.8788 144432986.2
NORDENIA INTL AG NOD8 GR -74471727.44 729626481.3
NORDENIA INTL AG NOD GR -74471727.44 729626481.3
NORDSEE AG 533061Q GR -8200551.142 194616922.6
PRIMACOM AG PRC2 GR -18656751.16 610380925.7
PRIMACOM AG PRC TH -18656751.16 610380925.7
PRIMACOM AG PRC S1 -18656751.16 610380925.7
PRIMACOM AG PRCG PZ -18656751.16 610380925.7
PRIMACOM AG PRC EU -18656751.16 610380925.7
PRIMACOM AG PRCG IX -18656751.16 610380925.7
PRIMACOM AG PRC EO -18656751.16 610380925.7
PRIMACOM AG PRC GR -18656751.16 610380925.7
PRIMACOM AG PCAGF US -18656751.16 610380925.7
PRIMACOM AG-ADR PCAG US -18656751.16 610380925.7
PRIMACOM AG-ADR PCAGY US -18656751.16 610380925.7
PRIMACOM AG-ADR+ PCAG ES -18656751.16 610380925.7
RAG ABWICKL-REG RSTHF US -1744124.2 217776125.8
RAG ABWICKL-REG ROS S1 -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EO -1744124.2 217776125.8
RAG ABWICKL-REG ROSG PZ -1744124.2 217776125.8
RAG ABWICKL-REG ROS1 EU -1744124.2 217776125.8
RAG ABWICKL-REG ROS GR -1744124.2 217776125.8
RINOL AG RILB IX -1.171602 168095049.1
RINOL AG RILB EU -1.171602 168095049.1
RINOL AG RNLAF US -1.171602 168095049.1
RINOL AG RIL GR -1.171602 168095049.1
RINOL AG RILB GR -1.171602 168095049.1
RINOL AG RILB EO -1.171602 168095049.1
RINOL AG RILB S1 -1.171602 168095049.1
RINOL AG RILB PZ -1.171602 168095049.1
ROSENTHAL AG 2644179Q GR -1744124.2 217776125.8
ROSENTHAL AG-ACC ROS4 GR -1744124.2 217776125.8
ROSENTHAL AG-ADR RSTHY US -1744124.2 217776125.8
ROSENTHAL AG-REG ROSG IX -1744124.2 217776125.8
SANDER (JIL) AG SAD GR -6153256.267 127546738.8
SANDER (JIL) AG JLSDF US -6153256.267 127546738.8
SANDER (JIL)-PRF 2916157Q EU -6153256.267 127546738.8
SANDER (JIL)-PRF SAD3 PZ -6153256.267 127546738.8
SANDER (JIL)-PRF SAD3 GR -6153256.267 127546738.8
SANDER (JIL)-PRF 2916161Q EO -6153256.267 127546738.8
SINNLEFFERS AG WHG GR -4491635.615 453887060.1
SPAR HANDELS-AG SPHFF US -442426239.7 1433020961
SPAR HANDELS-AG 773844Q GR -442426239.7 1433020961
SPAR HAND-PFD NV SPA3 GR -442426239.7 1433020961
TA TRIUMPH-ACQ TWNA GR -124531131.9 313411495.3
TA TRIUMPH-ACQ TWNA EU -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN EO -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN PZ -124531131.9 313411495.3
TA TRIUMPH-ADLER TTZAF US -124531131.9 313411495.3
TA TRIUMPH-ADLER TWNG IX -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN EU -124531131.9 313411495.3
TA TRIUMPH-ADLER TWN GR -124531131.9 313411495.3
TA TRIUMPH-A-RTS 1018916Z GR -124531131.9 313411495.3
TA TRIUMPH-NEW TWN1 GR -124531131.9 313411495.3
TA TRIUMPH-RT TWN8 GR -124531131.9 313411495.3
TA TRIUMPH-RTS 3158577Q GR -124531131.9 313411495.3
UNITYMEDIA GMBH 560459Z GR -290585562 5747686306
UNITYMEDIA HESSE 2808647Z GR -290585562 5747686306
GREECE
------
AG PETZETAKIS SA PTZ GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EU -110812812.5 206429374.1
AG PETZETAKIS SA PETZK GA -110812812.5 206429374.1
AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1
AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1
AG PETZETAKIS SA PZETF US -110812812.5 206429374.1
AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1
ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7
ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7
ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7
ASPIS PRONIA GE AISQF US -189908329.1 896537349.7
ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7
ASPIS PRONIA-PF APGV GR -189908329.1 896537349.7
ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7
ASPIS PRONIA-RT ASASKR GA -189908329.1 896537349.7
ASPIS PRONOIA GE APGG IX -189908329.1 896537349.7
ASPIS PRONOIA GE APG GR -189908329.1 896537349.7
ASPIS PRON-PF RT ASASPR GA -189908329.1 896537349.7
ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2
ATLANTIC SUPERMA ATLA1 EO -76261648.16 315891294.2
EMPEDOS SA EMPED GA -33637669.62 174742646.9
EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9
HELLAS ONLINE SA HOLR GA -15570102.08 531120397.7
HELLAS ONLINE SA BRAIN PZ -15570102.08 531120397.7
HELLAS ONLINE SA BRAIN EO -15570102.08 531120397.7
HELLAS ONLINE SA UN5 GR -15570102.08 531120397.7
HELLAS ONLINE SA BRAIN EU -15570102.08 531120397.7
HELLAS ONLINE SA BRAIN GA -15570102.08 531120397.7
HELLAS ONLINE SA HOL GA -15570102.08 531120397.7
KATSELIS SON-P R KATPD GA -25687516.15 172013976.2
KATSELIS SONS-PF KATSP GA -25687516.15 172013976.2
KATSELIS SONS-RT KATKD GA -25687516.15 172013976.2
MAILLIS MLISF US -46071971.98 484719898.6
MAILLIS -RTS MAIKR GA -46071971.98 484719898.6
MAILLIS-SPON ADR MJMSY US -46071971.98 484719898.6
MJ MAILLIS S.A. MAIK EU -46071971.98 484719898.6
MJ MAILLIS S.A. MAIK GA -46071971.98 484719898.6
MJ MAILLIS S.A. MAIK PZ -46071971.98 484719898.6
MJ MAILLIS S.A. MJL GR -46071971.98 484719898.6
MJ MAILLIS S.A. MAIK EO -46071971.98 484719898.6
NAOUSSA SPIN -RT NAOYD GA -163114842.1 286539436.9
NAOUSSA SPIN-AUC NAOYKE GA -163114842.1 286539436.9
NAOUSSA SPINNING NML GR -163114842.1 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114842.1 286539436.9
NUTRIART S.A. KTSEF US -25687516.15 172013976.2
NUTRIART S.A. KATSK GA -25687516.15 172013976.2
NUTRIART SA KATSK PZ -25687516.15 172013976.2
NUTRIART SA NUTRIART GA -25687516.15 172013976.2
NUTRIART SA KATSK EO -25687516.15 172013976.2
NUTRIART SA KATSK EU -25687516.15 172013976.2
NUTRIART-RTS 3411089Q GA -25687516.15 172013976.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
UNITED TEXTILES NAOYK GA -163114842.1 286539436.9
UNITED TEXTILES NAOSF US -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES UTEX PZ -163114842.1 286539436.9
UNITED TEXTILES UTEX EO -163114842.1 286539436.9
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
HUNGARY
-------
HUNGARIAN TELEPH HUC EX -73723992 827192000
HUNGARIAN TELEPH HUGC IX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
IRELAND
-------
ACS AIRCRAFT FIN 4491555Z ID -23037147.35 130480079.7
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BALLYMORE PROPER 162707Z ID -243143095.2 972399152.8
BIRCHFORD INVEST 3802508Z ID -17025540.7 218278444.2
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CELTIC ROADS GRO 4527583Z ID -5475772.455 178943648.9
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CONOCOPHILLIPS W 3894318Z ID -199958224.4 344111929.9
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DUOMO FUNDING PL 4462513Z ID -805845.5444 1772244292
ELAN PHARMA INTE 4515071Z ID -217568725.6 1820901782
ELLERSTON GEMS O 4781417Z ID -4056787.085 195869209.7
EQUANT NETWORK S 4462057Z ID -146075974 304925852.2
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FRUIT OF THE LOO 4459361Z ID -96376389.16 391436785
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GS MULTI-CURRENC 4780921Z ID -218031502.7 1766463253
HELSINGOR LTD 3814256Z ID -964944.8669 123961503.3
IRISH NATIONWIDE 1020Z ID -24460514.19 16215850688
JAMES HARDIE IND 726824Z NA -454500000 1960600064
JAMES HARDIE IND HAH AU -454500000 1960600064
JAMES HARDIE IND 600241Q GR -454500000 1960600064
JAMES HARDIE IND HAH NZ -454500000 1960600064
JAMES HARDIE NV JHXCC AU -454500000 1960600064
JAMES HARDIE-ADR JHINY US -454500000 1960600064
JAMES HARDIE-ADR JHX US -454500000 1960600064
JAMES HARDIE-CDI JHX AU -454500000 1960600064
JAMES HARDIE-CDI JHA TH -454500000 1960600064
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LTR FINANCE NO 8 3816616Z ID -15113152.02 537522513
MAINAU FUNDING L 4460161Z ID -216846138.8 1309830017
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MCINERNEY HLDGS MCI EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI PO -137972148.5 304108432.2
MCINERNEY HLDGS MNEYF US -137972148.5 304108432.2
MCINERNEY HLDGS MCI ID -137972148.5 304108432.2
MCINERNEY HLDGS MCI LN -137972148.5 304108432.2
MCINERNEY HLDGS MCIGBP EO -137972148.5 304108432.2
MCINERNEY HLDGS MCI VX -137972148.5 304108432.2
MCINERNEY HLDGS MK9 PO -137972148.5 304108432.2
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MCINERNEY HLDGS MK9C PZ -137972148.5 304108432.2
MCINERNEY HLDGS MCII IX -137972148.5 304108432.2
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ITALY
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LUXEMBOURG
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NETHERLANDS
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SWEDISH AUTOMOBI SWAN NA -154336469.5 1337361332
SWEDISH AUTOMOBI SWAN QM -154336469.5 1337361332
SWEDISH AUTOMOBI SPYKF US -154336469.5 1337361332
SWEDISH AUTOMOBI L9I TH -154336469.5 1337361332
SWEDISH AUTOMOBI L9I GR -154336469.5 1337361332
TATE & LYLE NETH 3634775Z NA -2595894.422 104534416.9
TOYOTA MATERIAL 4062173Z NA -525179.3964 103144175.2
TRAVELPORT GLOBA 4501611Z NA -3622780.496 320789835.8
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 UPCOF US -5505478850 5112616630
UNITED PAN-EUROP UPCEF US -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPE1 GR -5505478850 5112616630
UPC HOLDING BV 3590264Z NA -12164702941 13901661309
VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
VWS VERKEER-EN I 4777577Z NA -125486.7768 799874848.4
W2005 W2007 CARN 3824100Z NA -107841645.8 362615031
WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
WILMAR EDIBLE OI 3817520Z NA -3976944.095 218912594.8
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -238595008 399271008
AKER BIOMARINE A 4508947Z NO -91258656.74 103294723.7
AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
AKER FLOATING PR AKFP EO -7700000 816200000
AKER FLOATING PR AKFP BY -7700000 816200000
AKER FLOATING PR AKNO IX -7700000 816200000
AKER FLOATING PR AKFP NO -7700000 816200000
AKER FLOATING PR AKFP EU -7700000 816200000
AKER FLOATING PR AKFPEUR EU -7700000 816200000
AKER FLOATING PR AKFPEUR EO -7700000 816200000
AKER FLOATING PR AKFP PZ -7700000 816200000
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 IOX BY -71383000 195320000
INTEROIL EXPLORA IOX NO -71383000 195320000
INTEROIL EXPLORA IROIF US -71383000 195320000
INTEROIL EXPLORA IOX EU -71383000 195320000
INTEROIL EXPLORA IOX PZ -71383000 195320000
INTEROIL EXPLORA IOXEUR EU -71383000 195320000
INTEROIL EXPLORA IOXUSD EO -71383000 195320000
INTEROIL EXPLORA IOX IX -71383000 195320000
INTEROIL EXPLORA IOXEUR EO -71383000 195320000
INTEROIL EXPLORA INOX NO -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
MARINE SUBSEA AS MSAS NO -238595008 399271008
MASTER & COMMAND 4443393Z NO -3848.57586 105559612
NCC CONSTRUCTION 4389745Z NO -17444019.96 371204059.2
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NORSK STEIN AS 4394889Z NO -2509971.202 184248999.1
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PETRO GEO-SERV PGS VX -18066142.21 399710323.6
PETRO GEO-SERV 265143Q NO -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 PGSA GR -18066142.21 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -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
------
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA TOR PW -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 -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
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 DO DIVI 3789932Z PL -38574192.3 217870602.5
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.562 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
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 -366661049.9 152577542.7
SPORTING CLUBE D SCDF EU -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 SCP1 PZ -65884328.13 251276323.4
SPORTING CLUBE D SCPX PX -65884328.13 251276323.4
SPORTING CLUBE D SCDF EO -65884328.13 251276323.4
SPORTING-SOC DES SCDF PL -65884328.13 251276323.4
SPORTING-SOC DES SCPL IX -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 RO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.83 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.83 511515508.8
RAFO SA RAF RO -457922310.7 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -72210975.94 456200360.2
ALLIANCE RUSSIAN ALRT RU -13189410.9 138268688.3
AMO ZIL ZILL RM -204894835.3 401284636
AMO ZIL-CLS ZILL RU -204894835.3 401284636
AMO ZIL-CLS ZILL* RU -204894835.3 401284636
AMO ZIL-CLS ZILLG RU -204894835.3 401284636
CRYOGENMASH-BRD KRGM* RU -22826263.97 214573431.2
CRYOGENMASH-BRD KRGM RU -22826263.97 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826263.97 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826263.97 214573431.2
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN 137282Z RU -127155421.5 341759794.6
FINANCIAL LEASIN FLKO RU -127155421.5 341759794.6
FINANCIAL LEASIN FLKO* RU -127155421.5 341759794.6
FINANCIAL LEASIN FLKO RM -127155421.5 341759794.6
GAZ-FINANS GAZF RU -56134.51262 232319905.4
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
HALS-DEVEL- GDR 86PN LI -588515968 1446112000
HALS-DEVELOPMENT HALS TQ -588515968 1446112000
HALS-DEVELOPMENT SYR GR -588515968 1446112000
HALS-DEVELOPMENT HALS* RU -588515968 1446112000
HALS-DEVELOPMENT HALS LI -588515968 1446112000
HALS-DEVELOPMENT HALS RU -588515968 1446112000
HALS-DEVELOPMENT HALS RM -588515968 1446112000
HALS-DEVELOPMENT HALSM RU -588515968 1446112000
HALS-DEVELOPMENT HALSG RU -588515968 1446112000
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KAMSKAYA GORNAYA 2806239Z RU -527803788.8 1311868884
KOMPANIYA GL-BRD GMST RU -2412499.797 1202818434
KOMPANIYA GL-BRD GMST* RU -2412499.797 1202818434
KUZNETSOV-BRD MTSTP RU -11247039.53 390269032.2
KUZNETSOV-BRD MTSTP* RU -11247039.53 390269032.2
KUZNETSOV-BRD MTST* RU -11247039.53 390269032.2
KUZNETSOV-BRD MTST RU -11247039.53 390269032.2
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MURMANSKAYA-PFD MUGSP RU -26491726.33 140103923.5
MURMANSKAYA-PFD MUGSPG RU -26491726.33 140103923.5
MURMANSKAYA-PFD MUGSP* RU -26491726.33 140103923.5
MURMANSKAY-CLS MUGS* RU -26491726.33 140103923.5
MURMANSKAY-CLS MUGSG RU -26491726.33 140103923.5
MURMANSKAY-CLS MUGS RU -26491726.33 140103923.5
NIZHEGORODSK-BRD NASO RU -24264468.23 426748912.4
NIZHEGORODSK-BRD NASO* RU -24264468.23 426748912.4
NIZHEGORODSKI-B NASO$ RU -24264468.23 426748912.4
NIZHEGORODS-P B$ NASOP$ RU -24264468.23 426748912.4
NIZHEGORODS-PFD NASOP RU -24264468.23 426748912.4
NIZHEGORODS-PFD NASOP* RU -24264468.23 426748912.4
NIZHMASHZAVO-BRD NMSZ* RU -11553901.84 372915429.4
NIZHMASHZAVO-BRD NMSZ RU -11553901.84 372915429.4
NIZHMASHZAVOD-BD NMSZ$ RU -11553901.84 372915429.4
NIZHMASHZAVO-PFD NMSZP* RU -11553901.84 372915429.4
NIZHMASHZAVO-PFD NMSZP RU -11553901.84 372915429.4
OAO SIBNEFTEGAZ SIGA RU -8733178.141 757597617.2
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK RU -65334860.95 4000687446
PIK GROUP PIKK* RU -65334860.95 4000687446
PIK GROUP PIKKG RU -65334860.95 4000687446
PIK GROUP PIKK RM -65334860.95 4000687446
PIK GROUP-GDR PIQ2 GR -65334860.95 4000687446
PIK GROUP-GDR PIK EU -65334860.95 4000687446
PIK GROUP-GDR PIK1 QM -65334860.95 4000687446
PIK GROUP-GDR PIK1 EO -65334860.95 4000687446
PIK GROUP-GDR PIK LI -65334860.95 4000687446
PIK GROUP-GDR PIK EB -65334860.95 4000687446
PIK GROUP-GDR PIK TQ -65334860.95 4000687446
PIK GROUP-GDR PKGPL US -65334860.95 4000687446
PIK GROUP-GDR PIK IX -65334860.95 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.06 259128529.5
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
SEVERNAYA KAZNA SVKB RU -53030865.11 292154903.1
SEVERNAYA KAZNA SVKB* RU -53030865.11 292154903.1
SEVKABEL-FINANS SVKF RU -83036.46173 102680373.6
SISTEMA HALS-GDR HALS IX -588515968 1446112000
SISTEMA-GDR 144A SEMAL US -588515968 1446112000
URGALUGOL-BRD YRGL* RU -10942680.75 149416034.2
URGALUGOL-BRD YRGL RU -10942680.75 149416034.2
URGALUGOL-BRD-PF YRGLP RU -10942680.75 149416034.2
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 -72210975.94 456200360.2
VIMPEL SHIP-BRD SOVP* RU -72210975.94 456200360.2
VOLGOGRAD KHIM VHIM* RU -46674128.45 156690406.4
VOLGOGRAD KHIM VHIM RU -46674128.45 156690406.4
WILD ORCHID ZAO DOAAN RU -11716087.47 106082784.6
ZIL AUTO PLANT ZILL$ RU -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835.3 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835.3 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.41 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG PZ -3710053.919 1192276746
ISTRABENZ ITBG SV -3710053.919 1192276746
ISTRABENZ ITBG EO -3710053.919 1192276746
ISTRABENZ ITBG EU -3710053.919 1192276746
SPAIN
-----
ACTUACIONES ACTI AGR SM -57871829.5 772519224.5
ADT ESPANA SERVI 3632899Z SM -26498520.4 149454497.1
AGRUPACIO - RT AGR/D SM -57871829.5 772519224.5
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
ATLANTIC COPPER 4512291Z SM -15995873.26 1016941910
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -175550365.3 296395765.4
BIMBO SA 3632779Z SM -6894386.116 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419977.8 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.28 203210905.9
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CAJA DE AHORROS 929362Z SM -361326816.2 37311046644
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DTZ IBERICA ASES 1658Z SM -130770583.4 611187363
ELECTRODOMESTICO 1035184Z SM -89882980.98 104386627.5
EXPO-AN SA 569882Z SM -14692346.37 324154549.3
FABRICAS AGRUPAD 3638319Z SM -28683704.97 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.83 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -57871829.5 772519224.5
FERGO AISA SA AISA PZ -57871829.5 772519224.5
FERGO AISA SA AISA EU -57871829.5 772519224.5
FERGO AISA SA AISA SM -57871829.5 772519224.5
FERGO AISA SA AISA EO -57871829.5 772519224.5
FIAT GROUP AUTOM 4511067Z SM -30064519.13 367730368.2
FMC FORET SA 3642299Z SM -28605523.78 225458069.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -47072259.92 609515984.5
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -24493084.81 140668008
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
ISOFOTON SA 1039291Z SM -401482382 218392769.3
JAZZ TELECOM SA 3646927Z SM -739593798.9 803977667
LA SIRENA ALIMEN 4375737Z SM -60779557.1 206592562.2
LEVANTINA Y ASOC 993382Z SM -289550685.8 672488470.2
MAGNETI MARELLI 3643903Z SM -6218714.533 169480205.1
MARTINSA FADESA MTF1 LI -3883366101 6592778504
MARTINSA FADESA MFAD PZ -3883366101 6592778504
MARTINSA FADESA MTF EU -3883366101 6592778504
MARTINSA FADESA MTF SM -3883366101 6592778504
MARTINSA FADESA 4PU GR -3883366101 6592778504
MARTINSA FADESA MTF EO -3883366101 6592778504
MARTINSA-FADESA MTF NR -3883366101 6592778504
NYESA VALORES CO NYE TQ -99766729.91 812943907.9
NYESA VALORES CO NYE EU -99766729.91 812943907.9
NYESA VALORES CO BES SM -99766729.91 812943907.9
NYESA VALORES CO BESS PZ -99766729.91 812943907.9
NYESA VALORES CO 7NY GR -99766729.91 812943907.9
NYESA VALORES CO BES EU -99766729.91 812943907.9
NYESA VALORES CO BES TQ -99766729.91 812943907.9
NYESA VALORES CO NYE SM -99766729.91 812943907.9
NYESA VALORES CO BES EO -99766729.91 812943907.9
NYESA VALORES CO NYE EO -99766729.91 812943907.9
ORANGE CATALUNYA 4365565Z SM -25422547.72 113962331.9
PANRICO SL 1087Z SM -372238069.5 1219319614
PLANES E INVERSI 3795524Z SM -72863651.9 220131915.6
PULLMANTUR SA 301590Z SM -84915226.97 196732982.8
RANDSTAD EMPLEO 4285885Z SM -58273106.53 432173483.1
REAL ZARAGOZA SA 4285533Z SM -26642893.2 155342765.2
RENTA CORP REN1GBP EO -55365883.37 289916358.5
RENTA CORP RENS PZ -55365883.37 289916358.5
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TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
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VANCO UK LTD 2784982Z LN -56556541 114635709.2
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
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VODAFONE UK CONT 1909662Z LN -36036445.35 241077469.5
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
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WARNER MUSIC UK 1075906Z LN -30035535.27 103148268.1
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WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WEETABIX LTD-A WEEBF US -397652099.9 909970808.9
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WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WESTBURY HOTEL L 1214607Z LN -541051.7845 357290768.3
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
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WHITE YOUNG GREE WHY EU -32392901.23 196106689.5
WHITE YOUNG-NEW WHYN LN -32392901.23 196106689.5
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WINCANTON PL-ADR WNCNY US -171883729.9 1378925175
WINCANTON PLC WIN4 EO -171883729.9 1378925175
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WINCANTON PLC WNCNF US -171883729.9 1378925175
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WYG PLC WYG EU -32392901.23 196106689.5
WYG PLC WYGGBP EO -32392901.23 196106689.5
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WYG PLC WHY IX -32392901.23 196106689.5
WYG PLC WYG PZ -32392901.23 196106689.5
WYG PLC WYG EO -32392901.23 196106689.5
WYG PLC WYG1 EO -32392901.23 196106689.5
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WYG PLC WYG LN -32392901.23 196106689.5
WYG PLC WYGEUR EO -32392901.23 196106689.5
XAARJET LTD 2697648Z LN -3938911.173 102239864.3
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -88056666.54 169405671
YANG MING UK LTD 1756777Z LN -39140424.52 296076088.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.38 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
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 * * *