/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/120207.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, February 7, 2012, Vol. 13, No. 27 Headlines A U S T R I A KOMMUNALKREDIT AUSTRIA: Moody's Cuts BFSR to 'E'; Outlook Stable B E L G I U M SCHLECKER: German Insolvency Does Not Affect Belgium C Y P R U S BANK OF CYPRUS: Fitch Downgrades Long-Term IDR to 'BB+' D E N M A R K * DENMARK: Credit Crunch Worsens; Asset Quality Deteriorates H U N G A R Y MALEV ZRT: Gov't. Chance of Getting Airline Replacement Wanes VALID TECHNOLOGIES: Hungarian Unit Faces Liquidation I T A L Y BANCA MONTE: Moody's Reviews 'D+' Standalone BFSR for Downgrade UNIPOL GROUP: Moody's Reviews 'D+' Standalone BFSR for Downgrade N E T H E R L A N D S HARBOURMASTER CLO: Fitch Lowers Rating on Class B2 Notes to 'B-' SOUND I: Fitch Downgrades Rating on Class E Notes to 'Bsf' P O L A N D ZAKLAD WODOCIAGOW: Fitch Affirms 'BB+' National Long-Term Rating P O R T U G A L BANCO BPI: S&P Cuts Rating on Public-Sector Bonds to 'BB+' BANCO ESPIRITO: S&P Puts 'BB' Counterparty Ratings on Watch Neg. R O M A N I A * ROMANIA: Business Insolvency Drops 10% in 2011 R U S S I A ALLIANCE OIL: Fitch Affirms Issuer Default Ratings at 'B' RUSS-INVEST: Fitch Withdraws 'B' Issuer Default Ratings TROIKA DIALOG: S&P Raises Counterparty Credit Rating From 'B+' S P A I N BANKINTER SA: S&P Puts 'BB' Preferred Stock Rating on Watch Neg. CASTELLANA FINANCE: S&P Cuts Rating on Class C2 Notes to 'B-' METROVACESA SA: Creditors' Stake Down by 86% Since 2009 Takeover REPSOL YPF: Fitch Affirms 'BB+' Subordinated Preference Shares S W E D E N SAAB AUTOMOBILE: Youngman Makes SEK3-Billion Takeover Offer T U R K E Y VESTEL ELEKTRONIK: Moody's Affirms 'B3' Ratings; Outlook Positive YAPI VE KREDI: Moody's Assigns '(P)Ba1' Sr. Unsecured Debt Rating U N I T E D K I N G D O M INDUS PLC: Fitch Downgrades Ratings on Two Note Classes to 'Dsf' LATLORCAN DEVELOPMENTS: Collapse to Cost Ulster Bank GBP5 Million X X X X X X X X * EUROPE: Moody's Says Indian Slowdown to Affect Building Firms * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= KOMMUNALKREDIT AUSTRIA: Moody's Cuts BFSR to 'E'; Outlook Stable ---------------------------------------------------------------- Moody's Investors Service has downgraded the standalone bank financial strength rating (BFSR) of Kommunalkredit Austria AG (KA) to E from E+, mapping to Caa1 on Moody's long-term scale (previously B2). Concurrently, KA's senior debt and deposit ratings were downgraded by two notches to Baa3 from Baa1. The outlook on these ratings is stable. In addition, the short-term rating was downgraded to Prime-3 from Prime-2. The rating actions follow rising expectations that exposures to the Greek sovereign will require write downs exceeding those previously anticipated. The rating agency also downgraded KA's rating for senior subordinated debt to Ba2 from Baa2, which reflects the downgrade of the senior debt ratings as well as a wider notching of two (instead of one) from its fully supported senior debt ratings. The Ba2 subordinated debt rating remains on review for downgrade, because it is under pressure from the rising risk that government support for this type of debt instrument may not be available in future cases of bank support. Moody's initiated the review of these debt instruments on November 29, 2011; please also see the press release, "Moody's reviews European banks' subordinated, junior and Tier 3 debt for downgrade". Rating Rationale BFSR DOWNGRADE REFLECTS MAJOR SETBACK IN KA's RECOVERY AND DIMINISHED CAPITAL, POST-GREEK WRITE DOWN The BFSR downgrade to E reflects Moody's expectations that KA will need to write down the lion's share of its exposure to Greece in its 2011 results. Following a EUR31 million write-down in H1 2011, the remaining exposure on KA's books was EUR204 million as reported by the bank as of June 2011, which represented roughly 50% of its EUR411 million Tier 1 capital. From the latest developments in the negotiations of a private sector participation in the restructuring of Greek debt, Moody's considers that a write down to 30% of the notional value of bonds cannot be ruled out. Moody's does not expect the full write-down to be charged against capital, considering that the bank (i) still has fully-taxed reserves available to offset the effect; and (ii) can absorb losses of up to EUR30 million per year its income statement. Nonetheless, the rating agency expects KA to post a three-digit million loss for the year 2011, which would considerably reduce KA's regulatory capitalization and diminish its earlier loss- absorption capacity. In the current situation of weakening sovereign credit quality in Europe, the yet-unresolved debt crisis of Greece and elevated funding costs for wholesale funded banks, the expected impairment of and valuation losses on KA's exposures to the more pressured countries in Europe's periphery is considered a major setback for the fragile recovery of KA's franchise. The capital buffer afforded by the reported 15.5% Tier 1 ratio as of June 2011 was planned to be deployed for new underwriting in KA's core operations of project and infrastructure finance. With a material reduction of this ratio, KA will likely adopt a very prudent approach to its capital management and the development of its franchise. SENIOR DEBT RATINGS STILL UNDERPINNED BY VERY HIGH PROBABILITY OF SYSTEMIC SUPPORT The downgrade of KA's long-term debt and deposit ratings to Baa3 and its short-term rating to Prime-3 reflects the downgrade of its standalone BFSR. At the same time, these ratings continue to benefit from Moody's assessment of a very high probability of systemic support. At the Baa3 level, the fully supported senior debt ratings continue to include seven notches of support uplift from the Caa1 standalone credit strength (mapped from the E BFSR). The very high support has been demonstrated by the rescue and takeover of the bank by the Republic of Austria, which owns almost 100% of KA's capital. At the same time, the Baa3/Prime-3 ratings better reflect the uncertainty about KA's future as a standalone viable entity, as well as the absence of unconditional and irrevocable guarantees by the Austrian government. Ba3 SUB-DEBT RATING PARTLY REFLECTS WIDER NOTCHING; REMAINS ON REVIEW DUE TO WEAKENING SUPPORT The three-notch downgrade to Ba2 of KA's senior subordinated debt rating partly reflects a wider notching of two, instead of one, from the bank's fully supported senior debt ratings. The revised rating remains on review for downgrade as it is under pressure from the rising risk that government support for Lower Tier 2 instruments may not be available in future cases of bank rescue actions in Europe, considering legal changes that the EU plans to implement for all its member states. The focus of the ongoing review includes considerations for a complete removal of systemic support from senior subordinated debt ratings in Austria, which follows on from the removal of systemic support from such ratings in other systems including Denmark, UK, Ireland, and Germany. Also refer to Moody's report "Moody's to re-assess government support in bank sub debt ratings globally" published February 2011. STABLE OUTLOOK REFLECTS EXPECTATION OF SUPPORT IN THE CONTEXT OF THE ONGOING DEBT CRISIS The stable outlook on KA's E BFSR reflects that this rating is now positioned at the low end of the BFSR rating scale. The stable outlook on its Baa3 long-term ratings reflects the rating agency's view that, in the context of the ongoing sovereign debt crisis, the Republic of Austria will probably not risk further disruption of the financial system by allowing a state-owned bank to default on its senior debt. WHAT COULD CHANGE THE RATINGS UP/DOWN The outlook on the E BFSR is stable. However, the E BFSR could be remapped to a lower level on the long-term scale from the current Caa1 level, if there is further erosion of KA's capitalization and/or KA has limited access to debt capital markets for an extended period. A lower remapping within the Caa rating category could have an immediate effect on the long-term ratings. Moody's also notes the potential for a large rating migration if the probability of government support declines. The rating agency will therefore very closely monitor the state's commitment towards the entity and its timetable for withdrawing its support. Moody's considers the upside potential for the BFSR to be limited at this stage. Positive pressure on the BFSR would require a track record of sustainable profits, sound liquidity and risk management, as well as a sustainable solution for the euro area debt crisis and improving investor confidence. An upgrade of the Baa3 long-term senior debt and deposit ratings could be triggered by an upgrade of the BFSR or a stronger commitment by the Austrian government, in particular an explicit guarantee for the bank's obligations, which however, is not expected. The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007, and Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt published in November 2009. ============= B E L G I U M ============= SCHLECKER: German Insolvency Does Not Affect Belgium ---------------------------------------------------- The German retail chemist company Schlecker went into administration last week. Anton Schlecker Gesellschaft m.b.H. in Belgium is not affected by the insolvency. Schlecker's foreign operations are independently run and profitable. The restructuring measures necessary at Schlecker in Germany could not be implemented within the time schedule set, and planned interim financing could not be found. Further restructuring will now be continued as part of the insolvency proceedings. In this, Schlecker is seeking an insolvency plan procedure and the retention of the company as a whole. At the moment, agreement has been reached with the key suppliers, ensuring that business operations can be continued without restrictions. This was announced at a press conference. Anton Schlecker Gesellschaft m.b.H. in Belgium is an independent company and is not affected by the process currently underway in Germany. Agreement was reached quickly with key suppliers, so that the supply of goods in Belgium is also secured. Operations will continue as before. Furthermore, no notable branch closures or redundancies for operational reasons are to be anticipated in Belgium. Schlecker has been undergoing comprehensive restructuring since the middle of 2010, and has already introduced a large number of measures. The insolvency manager was positive about the company's prospects for the future. Schlecker is Germany's biggest drugstore chain. It has 11,000 employees in Germany. =========== C Y P R U S =========== BANK OF CYPRUS: Fitch Downgrades Long-Term IDR to 'BB+' ------------------------------------------------------- Fitch Ratings has taken rating actions on Bank of Cyprus (BOC), Marfin Popular Bank (MPB) and Hellenic Bank's (HB) Long-term and Short-term Issuer Default Ratings (IDR), Support Rating Floors (SRF), Support Ratings and Viability Ratings (VR) following the sovereign rating action taken on Cyprus. The Outlook on their Long-term IDR is Negative in line with that of the sovereign. Fitch has downgraded BOC, MPB and HB's Long-term IDRs and SRFs to 'BB+' from 'BBB-' and their Short-term IDRs to 'B' from 'F3' and removed them from Rating Watch Negative (RWN). These actions are the direct consequence of Cyprus' sovereign downgrade as well as Fitch's reassessment of the potential support available to the banks. It is Fitch's view that while the Cypriot government's propensity to support banks remains unchanged, its ability to do so has been reduced as reflected in the downgrade of Cyprus' rating. As a result, Fitch has downgraded the Cypriot banks' Support Rating to '3' from '2', revised their SRF to 'BB+' from 'BBB- and removed them from RWN. However, Fitch continues to consider in its judgement of support the fact that Cypriot banks could receive support from international authorities in case of need. The Negative Outlook on the banks' Long-term IDRs indicates that any further downgrade of Cyprus' sovereign rating and any change that reduced the likelihood of international support could lead to a further downgrade of the banks' Long-term IDRs and SRFs. The VR of BOC and HB have been downgraded to 'bb-' from 'bb' and MPB's to 'b-' from 'b+'. The rating actions indicate Fitch's capital concerns, notably MPB's, due to their sizeable exposure to the Greek sovereign and economy. The additional one notch cut on MPB's VR reflects its poor liquidity and funding imbalance as shown in its large reliance on central bank funding. Cypriot banks have varying degrees of sovereign debt and loan exposures to Greece, with MPB having the largest (end-Q311, 79% of equity based on nominal values and 45% of gross loans, respectively) followed by BOC (54%; 34%) and then HB (12%; 17%). Fitch expects further pressure on banks' capital, albeit to different degrees, following Greece's debt restructuring which is likely to result in higher haircuts on banks' Greek government bond (GGB) exposure, in the range of 50%-70%. In addition, all banks are facing notable asset quality deterioration in Greece and to a lesser extent Cyprus, which Fitch believes will affect profitability and add pressure on their capital. In the agency's view, the level of unreserved non-performing loans (NPLs) as per the central bank regulation in relation to Fitch Core Capital is considerable (ranging from 40% to 70% at end-Q311). However, some of the NPLs are partially covered by tangible collateral. All banks impaired GGB exposures during Q211 and Q311, leading to net losses. However, BOC and HB made impairments of 50% nominal value in contrast to the 21% made by MPB. Consequently, any further impairment will have a greater impact on MPB's capital (regulatory core capital ratio of 8.2% at end-Q311). BOC's pro- forma regulatory core capital ratio (including capital raising measures in Q411) was estimated at 9.6% at end-Q311. Despite HB's comparatively smaller exposure to GGB, its Greek loan portfolio had performed worse than peers historically and this has affected its capital levels. BOC and MPB have submitted capital raising plans to the Central Bank of Cyprus to meet higher regulatory requirements by end-June 2012. While these plans focus on raising capital by private means and should mainly help absorb impairments on their GGB exposures, Fitch believes that doing so in the current operating environment will prove challenging. Furthermore, these plans could prove insufficient in providing a buffer against new loan impairments. Therefore, in Fitch's view, government and international assistance cannot be ruled out, particularly in the case of MPB. When compared to domestic peers, MPB had higher reliance on central bank funding at end-Q311 (around 21% of total assets) and less favorable loans/deposits ratio of 124% (93% at BOC and 77% at HB). However, refinancing needs are manageable in the next two years. Fitch expects pressure on the major Cypriot banks' profitability to continue in 2012, largely driven by higher loan impairment charges, notably in Greece, and subdued business volumes and credit growth. However, Fitch expects banks to be marginally profitable. Asset quality indicators will continue to deteriorate as Greece slides further into recession and the Cypriot economy decelerates due to austerity measures to adjust the country's fiscal imbalances. The ratings actions are as follows: BOC -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on Negative Outlook; removed from RWN -- Short-term IDR downgraded to 'B' from 'F3'; removed from RWN -- Viability Rating downgraded to 'bb-'from 'bb' -- Support Rating downgraded to '3' from '2', removed from RWN -- Support Rating Floor revised to 'BB+' from 'BBB-', removed from RWN -- Senior notes downgraded to 'BB+' from 'BBB-', removed from RWN -- Commercial Paper downgraded to 'B' from 'F3', removed from RWN MPB -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on -- Negative Outlook; removed from RWN -- Short-term IDR downgraded to 'B' from 'F3'; removed from RWN -- Viability Rating downgraded to 'b-'from 'b+' -- Support Rating downgraded to '3' from '2', removed from RWN -- Support Rating Floor revised to 'BB+' from 'BBB-', removed from RWN -- Senior notes downgraded to 'BB+' from 'BBB-', removed from RWN HB -- Long-term IDR downgraded to 'BB+' from 'BBB-'; placed on -- Negative Outlook; removed from RWN -- Short-term IDR downgraded to 'B' from 'F3'; removed from RWN -- Viability Rating downgraded to 'bb-'from 'bb' -- Support Rating downgraded to '3' from '2', removed from RWN ============= D E N M A R K ============= * DENMARK: Credit Crunch Worsens; Asset Quality Deteriorates ------------------------------------------------------------ Frances Schwartzkopff at Bloomberg News reports that Denmark's credit crunch is getting worse as businesses accuse banks of withholding funds and the financial regulator warns that deteriorating asset quality may put more lenders out of business. "When we ask our companies, small- and medium-sized, they say they are experiencing a credit crunch and it has become worse in the last month," Bloomberg quotes Karsten Dybvad, chief executive officer of the Danish Confederation of Industry, as saying in an interview in Copenhagen. Mr. Dybvad's group, which represents 10,000 Danish firms, wants the financial regulator to give banks more leeway in meeting capital requirements so they don't call in loans and fuel a vicious circle that's stifling the US$300 billion economy, Bloomberg discloses. In a December survey of confederation members, two thirds said they had limited access to financing, while one in five said an absence of funds was the biggest obstacle for growth, Bloomberg notes. Mr. Dybvad, as cited by Bloomberg, said banks are overreacting to the FSA's stricter standards and preventing businesses from contributing to an economic recovery by denying them credit. ============= H U N G A R Y ============= MALEV ZRT: Gov't. Chance of Getting Airline Replacement Wanes ------------------------------------------------------------- Zoltan Simon and Edith Balazs at Bloomberg News report that Hungary's likelihood of replacing the collapsed state-owned airline Malev Zrt. with a carrier focused on serving Budapest is waning. "The chances of a new Budapest-based airline being set up to fill the void left by Malev is reduced with each passing day," Bloomberg quotes Mihaly Hardy, a spokesman at Budapest Airport Zrt., as saying in a phone interview on Monday. Budapest Airport, which is 50% by German construction company Hochtief AG, said in a statement on Sunday that it is reviewing this year's business plan following the demise of Malev, the biggest carrier serving the Hungarian city. As reported by the Troubled Company Reporter-Europe on Feb. 6, 2012, Bloomberg News related that Malev ceased flying after the government withdrew financing. Malev, which has debts of HUF60 billion (US$270 million), halted flights at 6 a.m. local time on Friday, Feb. 3, Bloomberg disclosed. VALID TECHNOLOGIES: Hungarian Unit Faces Liquidation ---------------------------------------------------- MTI-Econews reports that Valid Technologies is putting its unit in the Komarom Industrial Park in North West Hungary under liquidation and laying off almost 140 people from the middle of March. According to MTI, Szabolcs Pakozdi, director of the local jobs office, said that 80-90% of the workers at the plant were from neighboring Slovakia. Public data show Valid Technologies has more than 1,300 workers, MTI discloses. Valid Technologies is a partner of electronics and automotive industry companies. One of its partners is Nokia's plant in Komarom. The company has two other plants in Romania. ========= I T A L Y ========= BANCA MONTE: Moody's Reviews 'D+' Standalone BFSR for Downgrade --------------------------------------------------------------- Moody's Investors Service has placed on review for downgrade the Baa1/Prime-2 senior debt and deposit ratings as well as the D+ standalone bank financial strength rating (BFSR, mapping to Baa3 on the long-term rating scale) of Banca Monte dei Paschi di Siena (MPS). The review for downgrade of the ratings of various subordinated debt instruments of MPS, initiated on November 7, 2011, has been extended. Ratings Rationale Moody's says that the key drivers for the BFSR review are: i) the uncertainty in the bank's plan to meet its regulatory capital shortfall calculated by the European Banking Authority (EBA). Moody's notes that the bank's plan to raise the EUR3.3 billion mandated by EBA to reach the 9% Core Tier 1 capital ratio includes joint ventures and disposals, which may be challenging to implement in the current environment and which carry some execution risk; ii) MPS' weak internal capital generation capacity, which would allow it to meet such increased capital requirements or to absorb external shocks from its own earnings. This weak organic capital generation capacity is becoming more prevalent as Moody's expects pressure on asset quality and earnings to increase for MPS as a result of the overall challenging macroeconomic outlook in Italy, thus increasing the possibility that MPS may require capital support from third parties. Based on unchanged support assumptions by the Italian government, the debt and deposit ratings of MPS have also been placed on review for downgrade as they would most likely also be affected negatively in case that MPS' standalone rating should be downgraded. Focus of the Review Moody's says that the review will focus primarily on i) the short-term measures that can be taken to improve the group's capital levels to meet any EBA capital requirements, as well as ii) management's strategy to significantly enhance its operational flexibility and earnings generation capacity in view of the limitations of asset sales/disposals or deleveraging as an ongoing source of capital generation. What Could Change the Rating Up/Down As the ratings of MPS have been placed on review for downgrade, there is a significant possibility that the ratings of MPS may deteriorate. Please refer to the rationale above which explains key downward rating drivers. On the positive side, MPS's ratings could be confirmed if the bank demonstrates that it can achieve a further significant strengthening in its financial profile, including (i) removing any uncertainty that it can achieve its required capitalization levels, together with (ii) significantly higher profitability (using metrics such as Pre-Provision and Net Income as a percentage of total or risk weighted assets, or return on assets and return on equity); (iii) an improvement in its cost-to-income ratio below 65% and evidence that MPS can more flexibly adapt its cost base to fluctuating earnings; (iii) demonstrating resilient asset quality levels. List of Rating Actions The ratings of the following entities were also placed on review for possible downgrade as a result of the action on their parent: - MPS Capital Services - Banca Monte dei Paschi di Siena, London - MPS Capital Trust I - Monte Paschi Ireland Limited Banca Monte dei Paschi di Siena SpA, affected ratings: - Bank Financial Strength Rating: D+ - Long Term Bank Deposits: Baa1 - Senior Unsecured: Baa1 - Senior Unsecured MTN: (P)Baa1 - Short Term: P-2 - Other Short Term: (P)P-2 - Preferred stock: (P)Ba3 MPS Capital Services, affected ratings: - Bank Financial Strength Rating: D+ - Long Term Bank Deposits: Baa2 - Short Term: P-2 Banca Monte dei Paschi di Siena, London, affected ratings: - Short Term Deposit Note/CD Program: P-2 MPS Capital Trust I, affected ratings: - Backed Preferred Stock non-cumulative: Ba3 Monte Paschi Ireland Limited, affected ratings: - Backed Senior Unsecured: Baa1 - Backed Senior Unsecured MTN: (P)Baa1 The methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007, and Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt published in November 2009. UNIPOL GROUP: Moody's Reviews 'D+' Standalone BFSR for Downgrade ---------------------------------------------------------------- Moody's Investors Service placed on review for possible downgrade the insurance and banking ratings of Unipol Gruppo Finanziario SpA (UGF). Specifically the A2 IFSR of Unipol Assicurazioni SpA (Unipol), the largest insurance operation of the group, the Baa2/Prime-2 bank deposit ratings and the D+ standalone bank financial strength rating (BFSR) of Unipol Banca, the banking operation of the group, and the Baa2 senior rating of UGF, the holding of the group, were placed on review for possible downgrade. Ratings Rationale The review follows the announcement on January 29 that UGF has reached an agreement with Premafin SpA, the holding company of Fondiaria Sai SpA, to pursue an integration project with Premafin SpA, Fondiaria Sai SpA and Milano Assicurazioni SpA (all unrated). As a part of the agreement, Premafin is expected to increase the share capital reserved to UGF by a maximum of EUR400m; as a result of this reserved capital increase, UGF will obtain the control of Premafin which in turns owns 36% of Fondiaria Sai ordinary shares. UGF is expected to finance the transaction via a capital increase of EUR1.1 billion which is expected to be executed by May 2012. The transaction is significant relative to UGF's size, given that Fondiaria Sai is the second largest insurance player in Italy with reported consolidated gross written premiums (GWP) of EUR13 billion in 2010. The review for possible downgrade will focus on possible changes in the risk profile of UGF as a consequence of the acquisition. The review will focus on the following: -- Capital strength of the enlarged group. The capitalization of the new group will be dependent on the successful execution of two capital raisings (a maximum of EUR1.1 billion raised by Fondiaria Sai and a maximum of EUR1.1 billion raised by UGF). The overall amount is significant in respective of the current capitalization of the two groups -- Quality of the overall investment portfolio of the enlarged group. Moody's will review how the high exposure of Fondiaria Sai to high risk assets, namely property and equities, which accounted for more than 20% of total investments at year-end 2010, will affect the asset quality of the overall group -- The financial leverage of the enlarged group. Fondiaria Sai had outstanding debt of over EUR1.0 billion at the end of September 2011 -- Quality of the reserves of Fondiaria Sai. Moody's will review the potential risk of further reserve deficiencies at Fondiaria Sai given its history of reserve deficiencies. The company recently announced an overall EUR790 million reserves strengthening for 2011 -- The execution risk of integrating multiple large insurance operations. The integration will demand considerable management time and will require significant effort in securing operational efficiency More positively, the transaction would provide scale and strengthen the market position of Unipol, as the new group would be the pro-forma number one player in the Italian P&C market. With regard to Unipol Banca Moody's said that the review of the BFSR will focus on the extent to which the bank's business and financial fundamentals, particularly in the current difficult operating environment in Italy, are now compatible with a lower rating level. For the bank's deposit ratings, which are also being placed on review, Moody's said that this reflects both the review on the BFSR, and the potential impact of the review on its parent, given that Unipol Banca's deposit ratings currently incorporate one notch of uplift from parental support. The transaction is still subject to regulatory and antitrust approval and to Consob's exception in relation to the requirement of launching a tender offer on all the remaining shares of Premafin, Fondiaria Sai and Milano Assicurazioni. Unipol Gruppo Finanziario S.p.A., based in Bologna, Italy, is the parent company of Unipol Assicurazioni S.p.A. and Unipol Banca. As of 30 December 2010, Unipol Gruppo Finanziario S.p.A. reported consolidated net profit of EUR71 million and Shareholders' Equity of EUR4,021 million (EUR3,826 million as of year-end 2009). These ratings were placed on review for possible downgrade: Unipol Assicurazioni S.p.A. -- insurance financial strength rating A2; Unipol Assicurazioni S.p.A. -- subordinated debt rating: Baa1; Unipol Gruppo Finanziario SpA -- senior rating: Baa2; Unipol Banca -- deposit ratings: Baa2/Prime-2; Unipol Banca -- BFSR: D+ WHAT COULD CHANGE THE RATINGS UP/DOWN Unipol Assicurazioni An upgrade on the IFSR is unlikely at the moment given the review for downgrade A downgrade of the IFSR could be principally related to: - A further downgrade of Italy's sovereign rating (A2, negative) - Material deterioration of the group's risk profile and capitalization as a result of the merger with Fondiaria Sai - Group's financial leverage rising over 35%, and fixed-charge coverage remaining below 4x for more than 18 months Unipol Banca An upgrade on the BFSR or the deposit ratings is unlikely at the moment given the review for downgrade on the bank's BFSR and on the group's ratings. A downgrade of the BFSR could be principally triggered by a failure prevent further deterioration in the bank's asset quality, or a failure to restore the bank to profitability in the near term. Given the weak operating environment at present, achieving this may prove challenging, as reflected by the current negative outlook on the bank's standalone. A downgrade of the long-term local currency deposit rating could be triggered by a downgrade of the bank's standalone BFSR, and by a downgrade of the insurance financial strength ratings of the Unipol group's operating insurance companies, which is currently under review for downgrade. Methodology Used The methodologies used in rating Unipol Gruppo Finanziario SpA were Moody's Global Rating Methodology for Life Insurers published in May 2010, Moody's Global Rating Methodology for Property and Casualty Insurers published in May 2010 and Moody's Guidelines for Rating Bank Hybrid Securities and Subordinated Debt published in November 2009. The methodologies used in rating Unipol Banca 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. ===================== N E T H E R L A N D S ===================== HARBOURMASTER CLO: Fitch Lowers Rating on Class B2 Notes to 'B-' ---------------------------------------------------------------- Fitch Ratings has downgraded four classes and affirmed three classes of Harbourmaster CLO 10 B.V.'s notes. The agency has removed classes A2 to B2 from Rating Watch Negative (RWN) and assigned Negative Outlooks to classes A3 to B2 and a Stable Outlook to class A2. The rating actions are as follows: -- Class X (XS0331132935): affirmed at 'AAAsf'; Outlook Stable -- Class A1 (XS0331138890): affirmed at 'AAAsf'; Outlook Stable -- Class A2 (XS0331143973): affirmed at 'AAAsf'; removed from RWN; Stable Outlook -- Class A3 (XS0331156108): downgraded to 'AA-sf' from 'AAsf'; removed from RWN; Negative Outlook -- Class A4 (XS0331171081): downgraded to 'BBB-sf' from 'BBBsf'; removed from RWN; Negative Outlook -- Class B1 (XS0331161017): downgraded to 'BB-sf' from 'BBsf'; removed from RWN; Negative Outlook -- Class B2 (XS0331162684): downgraded to 'B-sf' from 'Bsf'; removed from RWN; Negative Outlook The performance of the portfolio has stabilized over the past two years but there has been some portfolio deterioration since the last review in April 2011. The reported 'CCC' bucket has increased to 7% of the portfolio from 6.8% at the last review. The reported over-collateralization (OC) tests have improved over the past two years but their cushions have decreased since the last review. There is currently one defaulted asset in the portfolio, making up 1.6% of the portfolio. The affirmations of the class A1 and A2 notes reflect levels of credit enhancement commensurate with their ratings. The 'AAAsf' rating on Class X reflects the structural features of this class. The class X note ranks pari passu with the class A1 note in the priorities of payment, and has a pre-defined principal payment schedule. The agency has removed classes A2 to B2 from RWN and downgraded classes A3 to B2 by a notch due to the continuing uncertainty over the treatment of defaulted assets for the purpose of the coverage tests. The process of clarifying the defaulted assets definition for Harbourmaster CLO 10 is still ongoing. Fitch notes that pending resolution of the defaulted assets definition issue, the trustee calculates the OC ratios by taking defaulted assets at the lower of market value or recovery estimates instead of at par. Additionally, if an OC test is breached, the amounts that were to be diverted would instead currently be held in a suspense account by the trustee. Nevertheless, Fitch expects events that lead to a Rating Watch to be resolved within a short period of time and although discussions are ongoing between the relevant parties, Fitch has no further visibility on a potential outcome. In Fitch's view, if defaulted assets were to be treated as performing for the purpose of the OC tests, the classes A3 to B2 OC tests will not divert excess spread as efficiently, which would in turn result in diminished protection for classes A3 to B2 in a high defaults scenario. The agency therefore believes that the current levels of credit enhancement for classes A3 to B2 are insufficient to support their previous ratings without the benefit of excess spread diversion. The agency has affirmed the class A1 and A2 notes because the Class A2 OC test contains a haircut for excess 'CCC' assets above 5% of the portfolio. This should partially capture excess spread via an increase in the 'CCC' bucket, which would typically increase ahead of any increase in defaults. The agency notes that 66.67% of the noteholders of each class of notes is required to pass extraordinary resolutions approving the relevant documentation amendments. The agency also notes that the collateral manager has shared relevant information about its efforts in resolving this issue. This issue was resolved in the Harbourmaster CLO 7 and 8 transactions. If the defaulted assets definition issue is resolved such that defaults are marked at lower of market value and recovery estimates instead of at par for the purpose of the OC tests, the agency's analysis of the notes would take this into consideration as part of its ongoing surveillance of the transaction. The Negative Outlooks on the mezzanine and junior notes reflect their vulnerability to a clustering of defaults and negative rating migration in the European leveraged loan market due to the approaching refinancing wall. Fitch employed its global rating criteria for corporate CDOs to analyze the quality of the underlying assets. In accordance with the agency's cash flow analysis criteria, Fitch also modelled the transactions' priority of payments including relevant structural features such as the excess spread-trapping mechanism and coverage tests. Although some credit protection remains for the downgraded notes, they are highly dependent on portfolio recovery prospects. SOUND I: Fitch Downgrades Rating on Class E Notes to 'Bsf' ---------------------------------------------------------- Fitch Ratings has affirmed Sound I B.V.'s Class A notes at 'AAAsf', downgraded the class B, C, D and E notes and removed the Rating Watch Negative (RWN) on all notes. At the same time, Fitch has assigned ratings to the new class S notes. The transaction comprises 100% NHG-backed mortgage loans sold by wholly owned indirect subsidiaries of NIBC Bank N.V. (NIBC). Following the update to Fitch's criteria for rating RMBS transactions backed by Nationale Hypotheek Garantie (NHG), NIBC has restructured the Sound I transaction. The affirmation of the class A notes' 'AAAsf' rating reflects the increased credit enhancement provided by the newly created class S notes. The agency was provided with updated pool cuts, historical NHG claims submitted to the Stichting WEW, historical foreclosure data of the NHG-backed loans and set-off risk assessments, followed by proposals to restructure the Sound I transaction and amended documentation. On the restructure date, the proceeds of the issuance of the mezzanine class S notes were used to partially redeem the class A notes. The class S notes rank senior to the class B notes, but junior to the class A notes, leading to an increase in credit enhancement. The margins on the class S notes are equal to the unchanged margins on the class A notes. Fitch has not given credit to the notification trigger to notify the borrowers if NIBC is downgraded, as the trigger is below the 'A' level (at 'BB+') for the transaction. However, credit was given credit to the collection foundation structure in place, with bank accounts at RBS. In Fitch's view, this structure fully mitigates the commingling risks and hence the agency did not size for these risks in the transactions. NIBC has traditionally not been a deposit-taking institution. However, in September 2008, the bank launched NIBC Direct, an online savings business. However, the sellers are separate legal entities from NIBC, with the mortgage products marketed independently. As such, deposit set-off has not been sized for in the transactions. The rating actions are as follows: Sound I B.V. -- Class A (XS0221342131) affirmed at 'AAAsf'; RWN removed; Outlook Stable -- Class B (XS0228909130) downgraded to 'BBBsf' from 'AAsf'; RWN removed; Outlook Stable -- Class C (XS0228909304) downgraded to 'BB+sf' from 'Asf'; RWN removed; Outlook Stable -- Class D (XS0228909643) downgraded to 'B+sf' from 'BBBsf'; RWN removed; Outlook Stable -- Class E (XS0228910146) downgraded to 'Bsf' from 'BBsf'; RWN removed; Outlook Stable Fitch has assigned final ratings to the Class S note EUR22,674,600 floating-rate Class S mortgage-backed notes: 'A- sf'; Outlook Stable To analyze the CE levels, Fitch evaluated the collateral using its default model, details of which can be found in the reports entitled "EMEA Residential Mortgage Loss Criteria", dated 16 August 2011, "EMEA RMBS Criteria Addendum - Netherlands" and "EMEA RMBS Criteria Addendum -- Netherlands -- NHG-Backed", both dated 6 July 2011. The agency assessed the transaction cash flows using default and loss severity assumptions indicated by the default model under various structural stresses including prepayment speeds and interest rate scenarios. The cash flow tests showed that each class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by the legal final maturity. =========== P O L A N D =========== ZAKLAD WODOCIAGOW: Fitch Affirms 'BB+' National Long-Term Rating ---------------------------------------------------------------- Fitch Ratings has affirmed Zaklad Wodociagow i Kanalizacji Sochaczew Sp. z o.o.'s (ZWiK) National Long-term rating of 'BB+(pol)' with a Stable Outlook and withdrawn the rating. The withdrawal of ZWiK's ratings is due to the company's plans not to issue the revenue bonds, which were earlier planned to finance the company's capex program. Fitch expects that in the future there will be insufficient information provided by the company. Fitch will no longer provide ratings or analytical coverage of the company. =============== P O R T U G A L =============== BANCO BPI: S&P Cuts Rating on Public-Sector Bonds to 'BB+' ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on Banco BPI S.A.'s (BB+/Watch Neg/B) public-sector and mortgage covered bond programs and related series of covered bonds ("obriga‡oes sobre o sector publico" and "obriga‡oes hipotecarias") issued under the programs. "Our ratings on both covered bond programs and related series remain on CreditWatch negative," S&P said. "On Dec. 15, 2011, we placed on CreditWatch negative our ratings on Banco BPI's covered bond program and related series following the CreditWatch negative placement of our ratings on 15 European Economic and Monetary Union (EMU or eurozone) members on Dec. 5," S&P said. "Furthermore, on Jan. 11, 2012, we lowered our ratings on Banco BPI's public-sector covered bond program and related series following the Dec. 16, 2011 downgrade of the issuer," S&P said. "On Jan. 13, 2012, we took several rating actions on 16 eurozone sovereigns, thereby resolving the Dec. 5, 2011 CreditWatch placements," S&P said. "Following these actions, the rating actions on Banco BPI's covered bond programs and related series reflect the changed sovereign ratings and the impact of the country-risk exposure on these programs," S&P said. "Under our criteria for rating non-sovereign issuers and structured finance transactions -- including covered bonds -- above the rating on the related sovereign in the eurozone, we determine the maximum rating differential between sovereign and covered bond ratings based on the sovereign rating level and the covered bond program's country-risk exposure. This assessment caps any potential further uplift typically available under our criteria for rating covered bonds," S&P said. "Under our EMU criteria, a covered bond program that has what we consider to be a 'high' country-risk exposure would typically only achieve a one-notch uplift above the rating on the country in which the cover pool assets are located. A 'low' country-risk exposure allows a maximum uplift of six notches above the investment-grade rating on the country in which the cover pool assets are located. If the sovereign rating is in the speculative-grade category, the maximum uplift is five notches," S&P said. Public-Sector Covered Bonds "On Jan. 13, we lowered our long-term rating on the Republic of Portugal to the speculative-grade category (BB/Negative/B). Following the application of our EMU criteria, we have therefore lowered to 'BB+' from 'BBB' our ratings on Banco BPI's public- sector covered bond program and related series of covered bonds issued under it. The 'BB+' rating also reflects our long-term rating on the issuer (BB+/Watch Neg/B)," S&P said. "Our ratings on Banco BPI's public-sector covered bond program and related series remain on CreditWatch negative, where we initially placed them on Dec. 15, 2011. This reflects both the current CreditWatch negative placement of our long-term rating on Banco BPI and our assignment of a recovery rating of '4' to Portugal, in accordance with our practice to assign recovery ratings to sovereigns rated in the speculative-grade category. The resolution of the CreditWatch placement of our ratings on the public-sector covered bond program and related series will therefore depend on the CreditWatch resolution of the rating on the issuer, as well as our reassessment of the cover pool, as we will also incorporate the changed recovery assumption into our analysis," S&P said. Mortgage Covered Bonds "As we typically classify mortgage covered bonds as demonstrating a 'low' country-risk exposure under our EMU criteria, the combination of our downgrade of Portugal to the speculative-grade category and the application of our EMU criteria allow a maximum uplift of five notches between our rating on the covered bond program and the sovereign rating. We have therefore lowered to 'A-' from 'A+' our long-term ratings on Banco BPI's mortgage covered bond program and related series of covered bonds issued under it," S&P said. "Our ratings on Banco BPI's mortgage covered bond program and related series remain on CreditWatch negative due to the CreditWatch placement of the issuer credit rating. We will resolve the CreditWatch placement of our rating on the covered bond program and related series once we have resolved the CreditWatch placement of our rating on the issuer," S&P said. "Furthermore, we will consider any other changes to the covered bond program such as the cover pool composition or the recently announced tender offer for a bond buy-back," S&P said. Potential Effects of Proposed Criteria Changes "We have taken the rating actions on these covered bonds based on our criteria for rating covered bonds. The assumptions and methodologies used in the credit and cash flow analysis are currently under review. The scope of our review of the analysis of public-sector assets may include our default rate stresses, correlation assumptions, recovery levels, model risk, concentration limits, and credit enhancement levels. Further, as part of our cash flow analysis, we used Standard & Poor's Covered Bond Monitor to calculate the target credit enhancement for the covered bonds. The assumptions and methodologies used in this cash flow analysis are also under review," S&P said. "This review may result in further changes to the criteria. As a result, our future assumptions and methodologies may differ from our current criteria. The criteria change may affect the ratings on all outstanding covered bonds in this program. Until such time that we adopt new criteria for rating covered bonds, we will continue to rate and surveil these covered bonds using our existing criteria," S&P said. Ratings List Rating Program/ To From Country: Covered bond type Ratings Lowered and Remaining on CreditWatch Negative Banco BPI S.A. BB+/Watch Neg BBB-/Watch Neg Portugal: Public-Sector Covered Bonds (Obrigacoes Sobre o Sector Publico) Banco BPI S.A. A-/Watch Neg A+/Watch Neg Portugal: Mortgage Covered Bonds (Obrigacoes Hipotecarias) BANCO ESPIRITO: S&P Puts 'BB' Counterparty Ratings on Watch Neg. ---------------------------------------------------------------- Standard & Poor's Ratings Services placed some ratings on a number of Portugal-based banks on CreditWatch with negative implications following the downgrade of the Republic of Portugal on Jan. 13, 2012. Specifically, S&P placed on CreditWatch with negative implications: "Our 'BB' long-term counterparty credit ratings on Banco Espirito Santo S.A. (BES) and its 'core' subsidiary Banco Espirito Santo de Investimento S.A. (BESI). We are also placing on CreditWatch negative our 'BB' issue rating on BES and BESI's senior unsecured debt, our 'B+' issue rating on their nondeferrable subordinated debt, and our 'B' issue rating on their hybrid instruments. In addition, we have affirmed our 'B' short-term ratings on these banks," S&P said. "Our 'B' issue ratings on Banco Comercial Portugues S.A.'s (Millennium bcp's) nondeferrable subordinated debt and our 'B-' issue rating on its hybrid instruments," S&P said. "Our 'B+' issue ratings on Banco BPI S.A.'s nondeferrable subordinated debt and our 'B' issue rating on its hybrid instruments," S&P said. "Our 'B' issue ratings on Caixa Geral de Depositos S.A.'s (CGD's) nondeferrable subordinated debt and our 'B-' issue rating on its junior subordinated debt and hybrid instruments," S&P said. "We are keeping our long-term ratings on Millennium bcp, CGD, and Banco BPI and its 'core' subsidiary Banco Portugues de Investimento S.A. on CreditWatch negative, where they were placed on Dec. 7, 2011, following a similar rating action on Portugal. We have, however, updated the reasons behind our CreditWatch placements, a process that could potentially increase the magnitude of any downgrades. In addition, we have affirmed our 'B' short-term ratings on these banks," S&P said. "Our decision to update and extend our previous CreditWatch placements to our long-term ratings on BES and its 'core' subsidiary BESI, and our issue ratings on the nondeferrable subordinated debt and hybrid instruments issued by BES, BESI, Millenium bcp, CGD, and Banco BPI reflects the wider implications that could arise if we revised our assessment of the Portuguese banking sector's economic and industry risks. This could lead us to lower our anchor for banks operating in Portugal (currently, 'bbb-'), and consequently to lower our rated banks' stand-alone credit profiles (SACPs). Under our bank criteria, we use our economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning a SACP and, ultimately, an issuer credit rating," S&P said. "In addition, as mentioned in our previous rating actions, the recent sovereign downgrade could ultimately affect our ratings on Portuguese banks if we removed or reduced the notches of uplift incorporated into our ratings on the banks to reflect potential Portuguese government support. The lowering of our sovereign ratings on Portugal could also affect the ratings on those banks currently rated higher than the sovereign," S&P said. "Under our CreditWatch update, we now believe that we could lower the long-term and issue ratings on rated Portuguese banks by either one or two notches," S&P said. "We intend to resolve the CreditWatch within the next two weeks," S&P said. Ratings List CreditWatch/Outlook Action; Ratings Affirmed To From Banco Comercial Portugues S.A. Counterparty Credit Rating Long-Term BB/Watch Neg BB/Watch Neg Short-Term B B Senior Unsecured BB/Watch Neg BB/Watch Neg Subordinated Debt B/Watch Neg B Hybrid Instruments B-/Watch Neg B- Caixa Geral de Depositos S.A. Counterparty Credit Rating Long-Term BB+/Watch Neg BB+/Watch Neg Short-Term B B Senior Unsecured BB+/Watch Neg BB+/Watch Neg Subordinated Debt B/Watch Neg B Hybrid Instruments B-/Watch Neg B- Banco Espirito Santo S.A. Counterparty Credit Rating Long-Term BB/Watch Neg BB/Negative Short-Term B B Senior Unsecured BB/Watch Neg BB Subordinated Debt B+/Watch Neg B+ Hybrid Instruments B/Watch Neg B Banco Espirito Santo de Investimento S.A. Counterparty Credit Rating Long-Term BB/Watch Neg BB/Negative Short-Term B B Senior Unsecured BB/Watch Neg BB Subordinated Debt B+/Watch Neg B+ Hybrid Instruments B/Watch Neg B Banco BPI S.A. Counterparty Credit Rating Long-Term BB+/Watch Neg BB+/Watch Neg Short-Term B B Senior Unsecured BB+/Watch Neg BB+/Watch Neg Subordinated Debt B+/Watch Neg B+ Hybrid Instruments B/Watch Neg B Banco Portugues de Investimento S.A. Counterparty Credit Rating Long-Term BB+/Watch Neg BB+/Watch Neg Short-Term B B Banco Santander Totta S.A. Counterparty Credit Rating Long-Term BBB-/Watch Neg BBB-/Watch Neg Short-Term A-3/Watch Neg A-3/Watch Neg Senior Unsecured BBB-/Watch Neg BBB-/Watch Neg Commercial Paper A-3/Watch Neg A-3/Watch Neg NB: This list does not cover all ratings affected. ============= R O M A N I A ============= * ROMANIA: Business Insolvency Drops 10% in 2011 ------------------------------------------------ Romania Business Insider, citing Mediafax newswire, reports that the National Trade Register Office said that a total of 19,651 companies entered into insolvency in 2011 -- around 10% lower than in 2010. Romania Business Insider relates that most insolvencies were reported in Bucharest in 2011, with a total of 1,880, followed by Bihor county with 1,320 and Constanta county - with a total of 1,304 companies that entered into insolvency, while the fewest insolvencies were recorded in Romania's Mures county with just 54 companies that went insolvent. ONRC said there were with 68 percent less suspensions of activity last year, from 66,420 in 2010 to 21,221 last year, the report adds. =========== R U S S I A =========== ALLIANCE OIL: Fitch Affirms Issuer Default Ratings at 'B' --------------------------------------------------------- Fitch Ratings has affirmed Alliance Oil Company Ltd.'s Long-term and Short-term foreign and local currency Issuer Default Ratings (IDR) at 'B', foreign currency senior unsecured rating at 'B'/'RR4', and National rating at 'BBB(rus)'. At the same time, Fitch has affirmed the rouble-denominated bonds issued by OJSC Alliance Oil Company local currency senior unsecured rating at 'B'/'RR4' and senior unsecured national rating at 'BBB(rus)'. The Outlook for the Long-term IDRs and National rating is Stable. The formation of an exploration and production joint venture with Repsol YPF ('BBB+'/Stable) in December 2011 has not affected the 'RR4' recovery ratings of Alliance Oil's senior unsecured debt. Under this agreement, Alliance will transfer two of its upstream assets in the Volga-Urals region valued at approximately USD570m on a debt-free, cash-free basis to the joint venture. This has not materially reduced the recovery prospects for the company's senior unsecured debt holders and Fitch has affirmed the company's debt recovery ratings at 'RR4'. At the same time, Alliance Oil released two of its subsidiaries (Saneco and NK Alliance) as guarantors of the USD350m notes due in 2015. Following the release of Saneco and NK Alliance as guarantors, the remaining guarantors of the notes in aggregate constitute 93% of the group's consolidated total revenues for the six-month period ended 30 June 2011 and 90% of the group's consolidated net assets as at 30 June 2011. Fitch views the remaining guarantors as sufficient to affirm the notes' senior unsecured debt rating at 'B'/'RR4'. Alliance Oil's ratings reflect its second-tier status within the Russian oil and gas industry. The ratings are constrained by its limited market share in the moderately fragmented Russian oil industry, but are supported by the company's expanding production activities at the Kolvinskoye oil field, which benefit from a benign tax environment. Fitch considers a key factor for the stability of the current ratings to be the maintenance of FFO net-leverage below 5x and FFO interest coverage above 6x. Other factors influencing the ratings include Alliance Oil's ability to successfully implement its upstream growth strategy at Timano-Pechora, completing the upgrade of the Khabarovsk refinery on time and on budget (thus increasing refining capacity to 90,000 barrels per day) and expanding per barrel refining profitability through the production of light products that are more favorably taxed under the new "60-66" tax regime. A positive rating action could occur if the company simultaneously increases upstream production to it previously guided target of 90,000 barrels per day while maintaining stronger credit ratios than the above mentioned levels. Alliance Oil's financial strategy is still reliant on debt to meet capital expenditures. Fitch anticipates that in 2012 the company could increase its use of the Vnesheconombank ('BBB'/Stable) financing agreement that was completed in August 2010 to support the Khabarovsk refinery's extensive reconstruction and modernization program. Despite the potential increase in leverage, Fitch expects that Alliance Oil should remain within its most restrictive Eurobond debt incurrence covenant of total debt/EBITDA of less than or equal to 3.5x. Fitch views Alliance Oil's liquidity position as adequate for the current ratings, but challenged overall. The Stable Outlook reflects the company's presently limited upgrade potential due to its existing scale of operations, restricted market share, concentrated business model and potential increase in capital intensity and leverage to achieve its future business development plan. Fitch considers that maintaining a financial profile in line with Alliance Oil's stated leverage target of total debt/EBITDA of less than 3x will be important to achieving any potential upgrade to ratings. Alliance Oil is one of Russia's second tier integrated oil companies producing approximately 49,100 barrels of oil per day in 2011, with a growing presence in Timano-Pechora. The company also increased refining volume 13% in 2011 to 73,700 barrels per day at its Khabarovsk refinery located in Russia's Far East. RUSS-INVEST: Fitch Withdraws 'B' Issuer Default Ratings ------------------------------------------------------- Fitch Ratings has withdrawn Russia-based Investment Company Russ- Invest's (ICRI) ratings, including its Long-term foreign currency Issuer Default Rating (IDR) at 'B'/Stable. Fitch has withdrawn the ratings as the company has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, the agency will no longer provide ratings or analytical coverage of ICRI. The rating actions are as follows: Investment Company Russ-Invest: -- Long-Term Foreign Currency IDR: 'B'/Stable; withdrawn -- Short-Term Foreign Currency IDR: 'B'; withdrawn -- National Long-Term Rating: 'BBB-(rus)'/Stable; withdrawn TROIKA DIALOG: S&P Raises Counterparty Credit Rating From 'B+' -------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term counterparty credit and national scale ratings on Troika Dialog Group Ltd. to 'BBB-' and 'ruAAA', from 'B+' and 'ruA+'. "We removed the ratings from CreditWatch with positive implications, where we placed them on March 16, 2011. At the same time, we raised the short-term counterparty credit rating to 'A-3'. The outlook is stable," S&P said. "The ratings on Troika Dialog Group Ltd., the holding company of Troika Dialog (Troika) -- a group of companies in brokerage and investment banking -- reflect Troika's status as a 'highly strategic' member of the group of entities that comprise Russian state savings bank Sberbank of Russia (not rated). Sberbank's dominant position in the Russian banking industry, crucial role in the Russian economy, and majority ownership by the Russian Central Bank renders its creditworthiness close to that of the Russian Federation (foreign currency BBB/Stable/A-3, local currency BBB+/Stable/A-2, Russia national scale ruAAA/--/--). Troika's stand-alone credit profile (SACP) reflects the risky Russian operating environment and the group's vulnerability to capital market cycles in its securities brokerage, sales, and trading lines. The weak earnings of 2011 reflect this vulnerability. Positive rating factors include Troika's leading market position, successful strategy, and adequate capital and liquidity. In accordance with our criteria, we base the SACP on Troika Dialog Group Ltd. on the creditworthiness of the consolidated group of companies that comprise Troika. Our current SACP on this consolidated group of companies is 'b+'," S&P said. "On Jan. 23, 2012, Sberbank and Troika announced the completion of their agreement to merge. Troika Dialog Group Ltd. is now 100% owned by Sberbank, which plans to integrate Troika's operations into two newly created divisions: Corporate Investment Bank and Wealth Management," S&P said. "Sberbank's founder and majority shareholder is the Central Bank of Russia. The CEO and Chairman of Sberbank is German Gref, Russia's former Minister for Economic Development and Trade. Sberbank is the dominant bank in Russia, with a 27% market share of systemwide banking assets and a 46% share of retail deposits. Its pretax income in 2011 through Sept. 30 was RUR318 billion (US$10.4 billion). Total shareholders' equity on Sept. 30, 2011, was RUR897 (US$29.4 billion). Sberbank does business with virtually all Russian private and public sector industrial companies, and is rapidly expanding in Ukraine, Belarus, and other Commonwealth of Independent States (CIS) countries. The acquisition of Troika is consistent with the broad strategy of Sberbank to be the leading universal bank in Russia and the broader CIS region," S&P said. "The financial crisis of late 2008 and deep recession of 2009 hit securities brokerage and investment banking in Russia very hard, and the industry is still recovering. Troika reported relatively low consolidated net income of US$43 million in the financial year ended Sept. 30, 2010. In 2011, Troika Dialog will move its financial-year end to Dec. 31 from Sept. 30; consequently, financial-year 2011 will cover 15 months. The financial performances of Troika Dialog and other Russian securities brokers suffered in the first three quarters of 2011, owing to the steep decline in equity prices in the third quarter and the drop in trading volumes. We anticipate that profits will be no better than breakeven for full-year 2011 for the entire industry in Russia. Nonetheless, medium-term prospects for Russian brokers and investment banks remain good, in our opinion, due to the projected expansion of Russian capital markets," S&P said. ========= S P A I N ========= BANKINTER SA: S&P Puts 'BB' Preferred Stock Rating on Watch Neg. ---------------------------------------------------------------- Standard & Poor's Ratings Services placed some ratings on a number of Spain-based banks on CreditWatch with negative implications following the downgrade of the Kingdom of Spain on Jan. 13, 2012. Specifically, S&P placed on CreditWatch with negative implications: -- its 'A-' issue ratings on Banco Bilbao Vizcaya Argentaria S.A.'s nondeferrable subordinated debt and its 'BBB' issue ratings on its Tier 1 hybrid notes; -- its 'BBB-' issue ratings on CaixaBank S.A.'s preferred stock; -- its 'A-2' short-term counterparty credit rating on Bankia S.A,; -- its 'A-2' short-term counterparty credit rating on Ibercaja Banco S.A., its 'BBB-' issue ratings on its nondeferrable subordinated debt, and its 'BB' issue ratings on the preferred stock; -- its 'A-2' short-term counterparty credit rating on Bankinter S.A., its 'BBB-' issue ratings on its nondeferrable subordinated debt, and its 'BB' issue rating on the preferred stock; -- its 'BBB/A-2' long- and short-term counterparty credit ratings on Banca Civica S.A. "All other ratings on Spanish banks that were placed on CreditWatch negative, either on Dec. 8, 2011, following a similar rating action on Spain, or at an earlier date, owing to reasons specific to each bank, remain on CreditWatch. We have, however, updated the reasons behind our CreditWatch placements, a process that could potentially increase the magnitude of any downgrades," S&P said. "Our decision to update and extend our previous CreditWatch placements to the short-term ratings on several banks and our issue ratings on their nondeferrable subordinated debt and/or hybrid instruments reflects the wider implications that could arise if we revised our assessment of the Spanish banking sector's economic and industry risks. This could lead us to lower our anchor for banks operating in Spain (currently, 'bbb'), and consequently to lower our rated banks' stand-alone credit profiles (SACPs). Our bank criteria use our economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an SACP and, ultimately, an issuer credit rating," S&P said. "In addition, as mentioned in our previous rating actions, the recent sovereign downgrade could ultimately affect our ratings on Spanish banks if we removed or reduced the notches of uplift incorporated into our ratings on the banks to reflect potential extraordinary Spanish government support. The downgrade of the sovereign ratings of Spain could also affect the ratings on those banks currently rated higher than the sovereign," S&P said. "Under our CreditWatch update, we now believe that we could lower the long-term ratings on rated Spanish banks by either one or two notches. The potential change in our issue ratings assigned to the banks' nondeferrable subordinated debt and hybrids could be greater, particularly for those banks whose SACPs could move to the noninvestment grade category. If that were the case, we would widen the notching differential between these banks' SACPs and the issue ratings assigned to their subordinated debt and hybrid instruments," S&P said. "We intend to resolve the CreditWatch within the next two weeks," S&P said. Ratings List CreditWatch/Outlook Action; Ratings Affirmed To From Banco Santander S.A. Santander UK PLC Banco Espanol de Credito S.A. Counterparty Credit Rating Long-Term AA-/Watch Neg AA-/Watch Neg Short-Term A-1+/WatchNeg A-1+/Watch Neg Senior Unsecured AA-/Watch Neg AA-/Watch Neg Subordinated Deb A/Watch Neg A/Watch Neg Preferred Stock BBB+/Watch Neg BBB+/Watch Neg Santander Holdings U.S.A Inc. Counterparty Credit Rating Long-Term A+/Watch Neg A+/Watch Neg Short-Term A-1/Watch Neg A-1/Watch Neg Senior Unsecured A+/Watch Neg A+/Watch Neg Subordinated Debt A/Watch Neg A/Watch Neg Preferred stock BBB+/Watch Neg BBB+/Watch Neg Sovereign Bank Santander Consumer Finance, S.A. Counterparty Credit Rating Long-Term A+/Watch Neg A+/Watch Neg Short-Term A-1/WatchNeg A-1/Watch Neg Senior Unsecured A+/Watch Neg A+/Watch Neg Subordinated Debt A/Watch Neg A/Watch Neg Banco Bilbao Vizcaya Argentaria S.A. Counterparty Credit Rating Long-term A+/Watch Neg A+/Watch Neg Short-term A-1 A-1 Senior Unsecured A+/Watch Neg A+/Watch Neg Subordinated Debt A-/Watch Neg A- Preferred Stock BBB/Watch Neg BBB CaixaBank S.A. Counterparty Credit Rating Long-Term A/Watch Neg A/Watch Neg Short-Term A-1/Watch Neg A-1/Watch Neg Senior Unsecured A/Watch Neg A/Watch Neg Preferred Stock BBB-/Watch Neg BBB- Caja de Ahorros y Pensiones de Barcelona Counterparty Credit Rating Long-Term BBB+/Watch Neg BBB+/Watch Neg Short-Term A-2/Watch Neg A-2/Watch Neg Subordinated Debt BBB/Watch Neg BBB/Watch Neg Bankia S.A. Counterparty Credit Rating Long-Term BBB+/Watch Neg BBB+/Watch Neg Short-Term A-2/Watch Neg A-2 Senior Unsecured BBB+/Watch Neg BBB+/Watch Neg Banco Financiero y de Ahorros S.A. Counterparty Credit Rating Long-Term BB+/Watch Neg BB+/Watch Neg Short-Term B B Subordinated Debt BB-/Watch Neg BB-/Watch Neg Preference Stock B+/Watch Neg B+/Watch Neg Banco Popular Espanol S.A. Counterparty Credit Rating Long-Term BBB+/Watch Neg BBB+/Watch Neg Short-Term A-2/Watch Neg A-2/Watch Neg Senior Unsecured BBB+/Watch Neg BBB+/Watch Neg Subordinated Debt BB+/Watch Neg BB+/Watch Neg Preference Stock BB-/Watch Neg BB-/Watch Neg Bankinter S.A. Counterparty Credit Rating Long-Term BBB+/Watch Neg BBB+/Watch Neg Short-Term A-2/Watch Neg A-2 Senior Unsecured BBB+/Watch Neg BBB+/Watch Neg Subordinated Debt BBB-/Watch Neg BBB- Preference Stock BB/Watch Neg BB Banco de Sabadell S.A. Counterparty Credit Rating Long-Term BBB/Watch Neg BBB/Watch Neg Short-Term A-2/Watch Neg A-2/Watch Neg Senior Unsecured BBB/Watch Neg BBB/Watch Neg Subordinated Debt BB-/Watch Neg BB-/Watch Neg Preference Stock B/Watch Neg B/Watch Neg Ibercaja Banco S.A. Counterparty Credit Rating Long-Term BBB+/Watch Neg BBB+/Watch Neg Short-Term A-2/Watch Neg A-2 Senior Unsecured BBB+/Watch Neg BBB+/Watch Neg Subordinated Debt BBB-/Watch Neg BBB- Preference Stock BB/Watch Neg BB Bilbao Bizkaia Kutxa (BBK) Counterparty Credit Rating Long-Term BBB+/Watch Neg BBB+/Watch Neg Short-Term A-2/Watch Neg A-2/Watch Neg Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa) Counterparty Credit Rating Long-Term BBB+/Watch Neg BBB+/Watch Neg Short-Term A-2/Watch Neg A-2/Watch Neg Banca Civica S.A. Counterparty Credit Rating Long-Term BBB/Watch Neg BBB/Negative Short-Term A-2/Watch Neg A-2 CASTELLANA FINANCE: S&P Cuts Rating on Class C2 Notes to 'B-' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on castellana finance ltd.'s class A, B1, C1, B2, and C2 notes, and removed from CreditWatch negative the rating on the C2 notes. "On July 12, 2011, we lowered our ratings on all the notes in castellana finance. for counterparty exposure, and placed on CreditWatch negative our rating on the class C2 notes. This rating remained on CreditWatch negative as of Oct. 14, 2011, due to continually weakening credit enhancement levels," S&P said. "The rating actions follow our credit and cash flow analysis based on the most recent information received on the underlying transactions and castellana finance., as a result of which we considered that credit enhancement levels were no longer sufficient to maintain the then-current ratings on the notes," S&P said. castellana finance. is a credit default swap (CDS) transaction. It is designed to transfer to third-party investors the credit risk associated with the reserve funds and subordinated credit lines in residential mortgage-backed securities (RMBS) transactions held at Bankinter S.A.: Bankinter originated the 14 underlying Bankinter Fondo de Titulizacion Hipotecaria and Fondo de Titulizacion de Activos transactions between May 1999 and March 2007 (only 13 of these remain after Bankinter 1 fully repaid in April 2011). On castellana finance.'s closing date, the issuer deposited the note issuance proceeds in cash with Bankinter, as bank account provider. At the same time,the issuer entered into a EUR185.15 million CDS agreement with Bankinter, under which it sells to Bankinter protection for the total value of the reserve funds and subordinated credit lines of the underlying transactions. Bankinter, as protection buyer, makes quarterly premium payments to the issuer. In return, the issuer must make credit protection payments to Bankinter if a credit event occurs, subject to certain conditions outlined in the transaction documents. If the issuer makes a credit protection payment to Bankinter, the principal balance of the notes reduces by a corresponding amount. If subsequently the credit event is cured, Bankinter must from time to time make reimbursement payments to the issuer and, as a consequence, the principal balance of the notes is reinstated. "During the life of the transaction, the issuer has made several credit protection payments to Bankinter. Previously, Bankinter had been able to make the required reimbursement payments. However, due to uncured credit events, it has lately been unable to do so and, as a consequence, the note principal balance has remained at a reduced level," S&P said. "Since the January 2011 note payment date, several draws on Bankinter 11, 12, and 13's reserve funds have caused subsequent credit events, resulting in a total credit event amount of EUR1,900,307.40 as of the October 2011 payment date. As of the January 2012 payment date, following the reimbursement of reserve fund amounts, the total credit event amount has reduced to EUR1,577,607.31, the remaining balance being due to a partial draw on Bankinter 13's reserve fund," S&P said. "We have run our internal cash flow models, incorporating the most updated information on the underlying 13 outstanding Bankinter transactions (Bankinter 2 to 14)," S&P said. S&P's analysis has considered: Updated credit figures, which take into account the underlying transactions' performance and Spanish house price development. "That excess spreads remain low in the underlying transactions, in our view, with weighted-average margins ranging between 45 basis points (bps) and 66 bps, increasing with seasoning," S&P said. "That the underlying transactions have basis swaps in place, to exchange the one-year euro interbank offered rate (EURIBOR) provided by their underlying assets for the three- month EURIBOR payments to the noteholders," S&P said. "That credit enhancement in the underlying transactions has grown to levels that we consider to be commensurate with the evolution of the assets at the current levels of our ratings in these transactions. Nevertheless, these ratings rely considerably on the reserve funds, and our analysis indicates that recoveries under stressed scenarios would be insufficient to completely reimburse the required amounts before these transactions reach legal final maturity or clean-upcall," S&P said. "That, although the reserve funds or subordinated credit lines are amortizing in the more seasoned underlying transactions, this increases the weights of less seasoned reserve funds, which we see as more exposed to downturns in the Spanish mortgage market. (The proportion of transactions originated between the end of 2005 and 2007 has now increased to 52.02%, from 43.75% at closing)," S&P said. "In this transaction, our ratings address ultimate payment of both interest and principal. Taking into account these factors, which point to weakening credit enhancement, we have lowered our ratings on the class A, B1, B2, C1, and C2 notes , and removed from CreditWatch negative our rating on the class C2 notes," S&P said. "On Dec. 15, 2011, we lowered our long-term counterparty credit rating on Bankinter. This resulted in a breach of downgrade triggers outlined in the Castellano Finance's transaction documents. However, it has not affected our ratings in this transaction because the issuer has taken remedy actions that we consider to be in line with our current ratings on the notes," S&P said. Standard & Poor's 17g-7 Disclosure Report SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com Ratings List Class Rating To From castellana finance. ltd. EUR185.15 Million Asset-Backed Floating-Rate Credit-Linked Notes Ratings Lowered A BBB (sf) A+ (sf) B1 BB+ (sf) A+ (sf) B2 BB (sf) A+ (sf) C1 B+ (sf) A+ (sf) Rating Lowered and Removed From CreditWatch Negative C2 B- (sf) A- (sf)/Watch Neg METROVACESA SA: Creditors' Stake Down by 86% Since 2009 Takeover ---------------------------------------------------------------- Property Investor Europe reports that the value of the 95.6% stake that the six creditor banks hold in Metrovacesa SA has dropped by 86% since they took control of the stricken firm in February 2009 as the firm's share price continues to tumble. According to Property Investor Europe, the firm's share price, which was EUR21 at the start of 2011, had plummeted from EUR57 in February 2009 to EUR2.90 at end-2010, giving the firm a net asset value of EUR2.86 billion. Shares closed at EUR0.94 on Feb. 1, however, giving a net value of EUR1 billion, a difference for which the six creditor banks will be obliged to make provisions, Property Investor Europe relates. The six banks controlling Metrovacesa are Santander, with 22.6%, Bankia, 19.7%, BBVA, 17.34%, Banco Sabadell, 12.35%, Banesto, 12.2%, and Banco Popular, with 11.97%, Property Investor Europe discloses. As reported by the Troubled Company Reporter-Europe on April 15, 2011, Bloomberg News, citing Expansion, related that Metrovacesa reached agreement with 90% of its lenders to delay debt repayments for five years. The newspaper said Metrovacesa would pay the interest on its EUR5.76 billion (US$8.1 billion) worth of loans but not the principal, Bloomberg noted. Metrovacesa SA -- http://www.metrovacesa.com/-- is a Spain-based company active in the real estate sector. Its activities include the acquisition, purchase, promotion and management of properties primarily for rental purposes. Its portfolio is structured in six divisions: Offices, comprising more than 500,000 square meters of leasable surface area; Shopping Centers, including five operating centers and two in development; Hotels, comprising 14 operating hotels and three in construction; Homes, providing residential property construction and development services; Car Parks, operating 13 parking lots located in Madrid, Valencia, Soria and Santa Cruz de Tenerife, and Land, which portfolio consists of more than three million square meters of land. The Company is a parent of Grupo Metrovacesa, a group which comprises a number of entities with operations established in the United Kingdom, Germany and France. REPSOL YPF: Fitch Affirms 'BB+' Subordinated Preference Shares -------------------------------------------------------------- Fitch Ratings has affirmed Repsol YPF's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB+' and Short-term IDR at 'F2'. The senior unsecured debt and short-term commercial paper issued by Repsol's wholly-owned subsidiary, Repsol International Finance, BV, which is fully and unconditionally guaranteed by Repsol are also affirmed at 'BBB+' and 'F2', respectively. Fitch has also affirmed the subordinated preference shares issued by Repsol International Capital Ltd. at 'BB+'. The Outlook for the Long-term IDR is Stable. The Stable Outlook is mainly supported by Repsol's dominant position in the downstream business, especially in the Iberian region following the completion of the reconversion process of its refineries at Cartagena and Bilbao. Fitch expects a US$2-3 per barrel margin increase in the medium term following the upgrade of these refineries. Fitch also notes that Repsol's main upstream investment project is already pre-funded through its alliance with Sinopec ('A'/Stable) which injected US$7.1 billion into Repsol Brazil. The Outlook also reflects Fitch's oil price deck (based on Brent) of US$85 per barrel in 2012 and US$77.5 per barrel in 2013. The ratings largely reflect Repsol's resilient downstream business model in Spain, which provides the company with a competitive advantage by actively marketing refined products and liquefied products even under a low price environment, and its growing upstream business. The ratings are further supported by its established position in the global liquefied natural gas (LNG) market mainly in Trinidad and Tobago, Peru and Canada. In Fitch's view, successful and significant diversification and growth of upstream reserves and production with reduced exposure to Argentina would be credit-enhancing. In addition to this, Repsol also needs to maintain a financial profile commensurate with the rating. Fitch notes that Repsol has been able to divest a significant portion of YPF's stake during 2011 (EUR2.3 billion) which largely offset the EUR2.5 billion cash outflow following a 10% share buyback transaction in December 2011. However, Repsol already sold half of these shares in January 2012 (EUR1.36 billion) and Fitch expects that the remaining shares will be divested within the next few months. Fitch would view negatively the inability to sell the remaining 5% of own shares before the end of the year. Failure to implement its upstream strategy and improve its reserve replacement and production would be negative for the ratings. However, Fitch acknowledges that Repsol has improved its reserve replacement ratio (above 100%) in the past two years and the company expects this ratio to be above 100% in the following years. An increase in borrowings or a material deterioration in earnings leading to a sustained funds from operations (FFO) adjusted net leverage above 3x or FFO interest coverage below 10x on a sustained basis would lead to a downgrade. Repsol's liquidity (ex-Gas Natural) is strong with EUR4.7bn of short-and-long term committed and undrawn credit lines and EUR3.9 billion of cash as of September 2011. The recent 5% divestment of its own shares (EUR1.36 billion) plus bond issuances of EUR850m in December 2011 and EUR750 million in January 2012 have increased the issuer's liquidity position after the EUR2.5 billion share buyback in December 2011. Fitch notes that Repsol has good access to capital markets as demonstrated with the two recent bond issuances at competitive costs (4.25% and 4.875% respectively) given current market conditions. =========== S W E D E N =========== SAAB AUTOMOBILE: Youngman Makes SEK3-Billion Takeover Offer ----------------------------------------------------------- Anna Ringstrom at Reuters reports that Zhejiang Youngman Lotus Automobile has made a SEK3 billion (US$446 million) offer for Saab Automobile which has drawn a cool response from receivers. According to Reuters, a source with knowledge of the situation said on Friday that the receivers want bids for parts of Saab rather than the whole business as that would raise more for creditors. "Youngman made an offer for all of Saab on Monday. They intend to start production in Trollhattan," Reuters quotes the source, who declined to be identified, as saying. "(The receivers) said they are not interested in a dialogue about the entity but rather want bids for separate parts of the business." BBC notes that the source said, "Such a solution would ruin any chance of future car production in Trolhattan. But they have declared in plain terms that there are other, higher bids for parts of the business which would, added up, give greater returns." The source, as cited by BBC, said that, under the fresh offer, Youngman would initially produce Saab's old 9-3 model, which is not based on the GM technology, and one Lotus model for Malaysia's Proton. Any buyer wanting to use the Saab name would have to get permission from defense and security company Saab AB and truck maker Scania, as they still own the rights to the brand, Reuters says. The receivers, who are due to finish the bankrupt estate's inventory by April, said in a statement they would not comment on interested parties or bids during the sale process, Reuters relates. About Saab Saab, or Svenska Aeroplan Aktiebolaget (Swedish Aircraft Company), was founded in 1937 as an aircraft manufacturer and revealed its first prototype passenger car 10 years later after the formation of the Saab Car Division. In 1990, Saab Automobile AB was created as a separate company, jointly owned by the Saab Scania Group and General Motors, and became a wholly- owned GM subsidiary in 2000. In February 2010, Spyker Cars N.V. was renamed Swedish Automobile N.V. (Swan) on June 15, 2011. Saab Automobile AB currently employs approximately 3,700 staff in Sweden, where it operates production and technical development facilities at its headquarters in Trollhattan, 70 km north of Gothenburg. Saab Cars North America is located in Royal Oak, Michigan employing approximately 50 people responsible for sales, marketing and administration duties for the North American market. On Dec. 19, 2011, Swedish Automobile N.V. disclosed that Saab Automobile AB (Saab Automobile), Saab Automobile Tools AB and Saab Powertrain AB filed for bankruptcy with the District Court in Vanersborg, Sweden. After having received the recent position of GM on the contemplated transaction with Saab Automobile, Youngman informed Saab Automobile that the funding to continue and complete the reorganization of Saab Automobile could not be concluded. The Board of Saab Automobile subsequently decided that the company without further funding will be insolvent and that filing bankruptcy is in the best interests of its creditors. Swan does not expect to realize any value from its shares in Saab Automobile and will write off its interest in Saab Automobile completely. =========== T U R K E Y =========== VESTEL ELEKTRONIK: Moody's Affirms 'B3' Ratings; Outlook Positive ----------------------------------------------------------------- Moody's Investors Service affirmed the B3 ratings of Vestel Elektronik Sanayi ve Ticaret A.S. and changed the outlook to positive from negative. These ratings were affected: -- B3 Corporate Family Rating and Probability of Default Rating -- B3 rating on the US$225 million 8.75% Guaranteed Notes due 2012 Ratings Rationale The change of outlook reflects that Moody's could reposition Vestel's rating in a higher category over the coming 12-18 months if the company strengthens its liquidity profile following the redemption of the outstanding notes in May this year. Following buy-backs in 2011 the remaining outstanding amount of the US$ 225m notes amounts to ca. US$ 99m, which the company is expected to meet through cash on hand and working capital releases over the course of the first months of 2012. Working capital usually flows in at the beginning of a calendar year after a seasonally strong fourth calendar quarter. The maturing bond -- issued in 2007 and of which US$ 126m have already been repurchased -- was for a long time the only significant long-term debt instrument and failure to replace it with longer dated debt to improve the liquidity profile could limit the ratings upside. Vestel's liquidity profile pro forma the bond redemption remains heavily geared towards short-term, uncommitted bank lines, albeit from relationship banks. Vestel's financial profile has improved since a trough in 2008 when it recorded operating losses. For the last twelve months ending September 2011 Moody's has calculated debt/EBITDA leverage of 2.5x (FYE 2008: -9.0x; FYE 2009: 3.1x) and EBITA/interest coverage of 3.5x (-2.4x; 1.9x). This reflects buoyant demand for LCD TVs and white goods. Sales in the first nine months of 2011 grew by 19% in US$-terms (+27% in TL-terms) against the same period in 2010. At the same time Vestel has gained market share against its main competitors. Ratings at B3 reflect that (i) the global market dynamics for LCD TVs with market forecasts anticipating a decline in demand by 3- 4% p.a., (ii) Vestel's liquidity profile remains geared towards the short term, (iii) sales may suffer from waning consumer confidence in Vestel's main market Europe. Sales, however, for its LCD TVs (accounting for about half of group revenues) could also, albeit temporarily, profit from the two major sport events this summer, the Olympic Games and the Euro Football Championship. Consumers tend to upgrade their TV panels shortly before these events. In addition, Vestel, with its production base largely in Turkey, benefits from the depreciation of the Turkish Lira against its main trading currency Euro (-23% during 2011) as it makes its export to Europe more competitive. For ratings to be upgraded to B2 Moody's expects Vestel to maintain its current financial profile with leverage below 3 times and interest coverage above 2 times whilst at the same time maintaining sufficient liquidity to cover funding needs for at least 12 months on a forward-looking basis. The outlook could be stabilized if Vestel fails to improve its liquidity profile. The principal methodology used in rating Vestel was the Global Manufacturing Industry Methodology published in December 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Vestel Elektronik Sanayi Ve Ticaret A.S. (Vestel) is a publicly- listed Turkish manufacturing company. Vestel is one of the leading Original Design Manufacturer (ODM)/Original Equipment Manufacturer (OEM) of TVs, white goods and digital products both in Turkey and in Europe. Vestel has production facilities in Izmir, Turkey and Vladimir, Russia. The company's revenues are mainly driven by its exports (74% of revenues in H1 2011) to Europe, CIS, Middle East and Africa. YAPI VE KREDI: Moody's Assigns '(P)Ba1' Sr. Unsecured Debt Rating ---------------------------------------------------------------- Moody's Investors Service has assigned a first-time provisional (P)Ba1 foreign-currency senior unsecured debt rating to Yapi ve Kredi Bankasi A.S. (Yapikredi). The outlook on the rating is positive. Ratings Rationale Moody's foreign currency debt ratings are subject to the foreign currency bond ceiling. As a result, Yapikredi's foreign currency senior unsecured debt rating is constrained by and thus equal to this ceiling. The debt issuance is being offered under Rule 144A, Regulation S. The terms and conditions of the notes include (among others) a negative pledge, and a cross-default clause. The notes will be unconditional, unsubordinated and unsecured obligations and will rank pari passu with all Yapikredi's other senior unsecured obligations. The rating of the notes is in line with Yapikredi's senior unsecured foreign-currency debt rating. The rating of the notes is provisional and represents Moody's preliminary opinion only. Upon a conclusive review of the documentation, Moody's will endeavor to assign a definitive rating to the notes. A definitive rating may differ from a provisional rating. A rating is not a recommendation to purchase, sell or invest in any securities. Principal Methodologies The principal methodologies used in this rating were Bank Financial Strength Ratings: Global Methodology published in February 2007, and Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology published in March 2007. Yapikredi is headquartered in Istanbul, Turkey, and at the end of June 2011 had total assets of US$65.3 billion (IFRS). =========================== U N I T E D K I N G D O M =========================== INDUS PLC: Fitch Downgrades Ratings on Two Note Classes to 'Dsf' ---------------------------------------------------------------- Fitch Ratings has downgraded Indus (Eclipse 2007-1) plc's class D and E notes as follows: -- GBP50.1m class D (XS0294757504) downgraded to 'Dsf' from 'CCsf'; assigned RE0% -- GBP0m class E (XS0294757686) downgraded to 'Dsf' from 'Csf'; assigned RE0% The downgrade reflects the loss allocation which occurred on the January 2011 interest payment date (IPD), as a result of the sale of the two secondary regional shopping centers backing the Agora Max loan. The centers (located in Birkenhead) were sold for a gross sale price of GBP70 million (20% below the 2010 valuation of GBP88 million). As mentioned by Fitch in its January 2012 performance report, the losses highlight the continuing challenges faced by servicers trying to offload secondary retail assets. LATLORCAN DEVELOPMENTS: Collapse to Cost Ulster Bank GBP5 Million ----------------------------------------------------------------- BBC News reports that Ulster Bank can expect to lose at least GBP5 million following the collapse of Latlorcan Developments. Latlorcan Developments was placed into administration in December, BBC recounts. It owes the bank more than GBP10 million but the estimated value of the Monaghan site is now around GBP5 million, BBC discloses. WJ Dolan was the main unsecured creditor of Latlorcan Developments being owed more than GBP2 million, BBC notes. According to BBC, the administrators report said the firm failed as a result of the Irish house price crash. Latlorcan Developments is a County Tyrone-based development company. =============== X X X X X X X X =============== * EUROPE: Moody's Says Indian Slowdown to Affect Building Firms --------------------------------------------------------------- A slowdown in India's economy, a depreciating rupee and sustained high inflation early in 2012 could challenge the performance of the Indian operations of European building materials companies, and hence also exert pressure on their consolidated results, says Moody's Investors Service in a Special Comment. India's leading economic indicators have weakened significantly recently and Moody's forecasts Indian GDP growth of below 7% in fiscal year 2011-12, down from 8.5% in 2010-11. "A slowing Indian economy is likely to lead to easing demand for building materials, which could affect those European building materials companies that have built up a substantial presence in the country," says Stanislas Duquesnoy, a Vice President -- Senior Analyst in Moody's Corporate Finance Group and author of the report. Moody's notes that, amongst the Moody's rated European building materials companies, Holcim Ltd. (Baa2 negative) is the most exposed to the Indian cement market -- 16% of group revenues stem from its Indian operations and 25% of its capacity is located there. HeidelbergCement AG (Ba1 stable), Italcementi SpA (Ba1 negative) and Lafarge SA (Ba1 stable) also maintain operations in India. Growth in demand in India is not keeping up with new additions to capacity, increasing the risk of overcapacity. Moody's cautions that this could weaken the operating margins of companies doing business there, with Holcim being the most affected given its high exposure to the Indian market. Building materials companies in India also face continued cost inflation in light of the country's reliance on energy imports and general cost inflation (mainly salaries, raw materials and logistics). In Moody's view, this could hurt profitability as producers will struggle to pass on higher costs to end customers in the fragmented market. In 2011, the Indian rupee (INR) depreciated by around 16% against the euro and 15% against the US dollar. Moody's notes that this has negative effects on the calculation of leverage ratios of European building materials companies, as the contribution from India in foreign currencies declines, but group debt is usually in currencies other than INR. 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206429374.1 AG PETZETAKIS SA PETZK EO -110812812.5 206429374.1 AG PETZETAKIS SA PETZK PZ -110812812.5 206429374.1 AG PETZETAKIS SA PTZ1 GR -110812812.5 206429374.1 ASPIS BANK SA ASEUF US -46224213.41 3486115450 ASPIS BANK-RIGHT 365673Q GA -46224213.41 3486115450 ASPIS BANK-RTS ASPTR GA -46224213.41 3486115450 ASPIS BANK-RTS 3558423Q GA -46224213.41 3486115450 ASPIS BANK-RTS 839325Q GA -46224213.41 3486115450 ASPIS MORT-RTS ASPTD GA -46224213.41 3486115450 ASPIS PRONIA GE ASASK EU -189908329.1 896537349.7 ASPIS PRONIA GE ASASK GA -189908329.1 896537349.7 ASPIS PRONIA GE ASASK PZ -189908329.1 896537349.7 ASPIS PRONIA GE AISQF US -189908329.1 896537349.7 ASPIS PRONIA GE ASASK EO -189908329.1 896537349.7 ASPIS PRONIA -PF ASAPR GA -189908329.1 896537349.7 ASPIS PRONIA-PF ASASP GA -189908329.1 896537349.7 ASPIS PRONIA-PF APGV GR -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 ATLA1 EO -76261648.16 315891294.2 ATLANTIC SUPERMA ATLA1 EU -76261648.16 315891294.2 ATLANTIC SUPERMA ATLA PZ -76261648.16 315891294.2 ATLANTIC SUPERMA ATLA GA -76261648.16 315891294.2 EDRASIS C. PSALL EDRAR GA -38819673.91 215888637.7 EDRASIS PSALIDAS EDRA GA -38819673.91 215888637.7 EDRASIS PSALIDAS EDRA PZ -38819673.91 215888637.7 EDRASIS PSALIDAS EDRA EU -38819673.91 215888637.7 EDRASIS PSALIDAS EPP GR -38819673.91 215888637.7 EDRASIS PSALIDAS EDRA EO -38819673.91 215888637.7 EDRASIS-AUCTION EDRAE GA -38819673.91 215888637.7 EMPEDOS SA EMPED GA -33637669.62 174742646.9 EMPEDOS SA-RTS EMPEDR GA -33637669.62 174742646.9 HELLAS ONLINE SA 0394471Q GA -21686953.82 480123795.6 HELLAS ONLINE SA HOL GA -21686953.82 480123795.6 HELLAS ONLINE SA UN5 GR -21686953.82 480123795.6 HELLAS ONLINE SA BRAIN PZ -21686953.82 480123795.6 HELLAS ONLINE SA BRAIN EO -21686953.82 480123795.6 HELLAS ONLINE SA BRAIN EU -21686953.82 480123795.6 HELLAS ONLINE SA BRAIN GA -21686953.82 480123795.6 HELLAS ONLIN-RTS HOLR GA -21686953.82 480123795.6 KATSELIS SON-P R KATPD GA -37103990.3 167678703.3 KATSELIS SONS-PF KATSP GA -37103990.3 167678703.3 KATSELIS SONS-RT KATKD GA -37103990.3 167678703.3 LAMBRAKIS PR -RT DOLD GA -14479840.43 280712996.2 LAMBRAKIS PRESS LA3 GR -14479840.43 280712996.2 LAMBRAKIS PRESS DOL PZ -14479840.43 280712996.2 LAMBRAKIS PRESS DOL GA -14479840.43 280712996.2 LAMBRAKIS PRESS LMBKF US -14479840.43 280712996.2 LAMBRAKIS PRESS DOL EO -14479840.43 280712996.2 LAMBRAKIS PRESS DOL EU -14479840.43 280712996.2 LAMBRAKIS REPO DOLL10 GA -14479840.43 280712996.2 LAMBRAKIS R-R DOLV10 GA -14479840.43 280712996.2 LAMBRAKIS-AUC DOLE GA -14479840.43 280712996.2 MAILLIS MLISF US -54904198.09 438679485.9 MAILLIS -RTS MAIKR GA -54904198.09 438679485.9 MAILLIS-SPON ADR MJMSY US -54904198.09 438679485.9 MJ MAILLIS S.A. MAIK EU -54904198.09 438679485.9 MJ MAILLIS S.A. MJL GR -54904198.09 438679485.9 MJ MAILLIS S.A. MAIK PZ -54904198.09 438679485.9 MJ MAILLIS S.A. MAIK GA -54904198.09 438679485.9 MJ MAILLIS S.A. MAIK EO -54904198.09 438679485.9 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 -37103990.3 167678703.3 NUTRIART S.A. KATSK GA -37103990.3 167678703.3 NUTRIART SA KATSK EO -37103990.3 167678703.3 NUTRIART SA KATSK PZ -37103990.3 167678703.3 NUTRIART SA NUTRIART GA -37103990.3 167678703.3 NUTRIART SA KATSK EU -37103990.3 167678703.3 NUTRIART-RTS 3411089Q GA -37103990.3 167678703.3 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 PETZP GA -110812812.5 206429374.1 PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1 RADIO KORASSIDIS KORA GA -100972173.9 244951680.3 RADIO KORASSIDIS RKC GR -100972173.9 244951680.3 RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3 RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3 RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3 SATO OFFICE AND SATOK EO -1304553.012 103403982.3 SATO OFFICE AND SATOK GA -1304553.012 103403982.3 SATO OFFICE AND SATOK EU -1304553.012 103403982.3 SATO OFFICE AND SATOK PZ -1304553.012 103403982.3 SATO SA - RIGHTS SATOKD GA 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TECHNICS UK L 2900250Z LN -87572452.23 179843123.8 STAGECOACH GROUP SGC1GBP EO -158544626.7 2695903851 STAGECOACH GROUP SHP GR -158544626.7 2695903851 STAGECOACH GROUP SGC1 QM -158544626.7 2695903851 STAGECOACH GROUP SGC1PEN EU -158544626.7 2695903851 STAGECOACH GROUP SGC S1 -158544626.7 2695903851 STAGECOACH GROUP SGC1USD EU -158544626.7 2695903851 STAGECOACH GROUP SGC IX -158544626.7 2695903851 STAGECOACH GROUP SGC1 EU -158544626.7 2695903851 STAGECOACH GROUP SGC1EUR EO -158544626.7 2695903851 STAGECOACH GROUP SGC1 BQ -158544626.7 2695903851 STAGECOACH GROUP SGC1 NR -158544626.7 2695903851 STAGECOACH GROUP SHP4 GK -158544626.7 2695903851 STAGECOACH GROUP SGC1 EB -158544626.7 2695903851 STAGECOACH GROUP SHP5 GR -158544626.7 2695903851 STAGECOACH GROUP SGC1 NQ -158544626.7 2695903851 STAGECOACH GROUP SGC LN -158544626.7 2695903851 STAGECOACH GROUP SGC2 VX -158544626.7 2695903851 STAGECOACH GROUP SGC1 TQ -158544626.7 2695903851 STAGECOACH GROUP SGC1 EO -158544626.7 2695903851 STAGECOACH GROUP SGC PO -158544626.7 2695903851 STAGECOACH GROUP SGC1AUD EO -158544626.7 2695903851 STAGECOACH GROUP SGC1AUD EU -158544626.7 2695903851 STAGECOACH GROUP SGCG PZ -158544626.7 2695903851 STAGECOACH GROUP SGC1USD EO -158544626.7 2695903851 STAGECOACH GROUP SGC1EUR EU -158544626.7 2695903851 STAGECOACH GROUP SAGKF US -158544626.7 2695903851 STAGECOACH GROUP SGC1PEN EO -158544626.7 2695903851 STAGECOACH GROUP SHP4 GR -158544626.7 2695903851 STAGECOACH GRP-B SGCB LN -158544626.7 2695903851 STAGECOACH SERVI 1584258Z LN -27470918.93 305042241.9 STAGECOACH-NEW SGCN LN -158544626.7 2695903851 STAGECOA-SPN ADR SAGKY US -158544626.7 2695903851 STV GROUP PLC SMG IX -36632758.71 143156965 STV GROUP PLC STVG EU -36632758.71 143156965 STV GROUP PLC STVGGBP EO -36632758.71 143156965 STV GROUP PLC SMG VX -36632758.71 143156965 STV GROUP PLC SMGPF US -36632758.71 143156965 STV GROUP PLC STVG VX -36632758.71 143156965 STV GROUP PLC STVG EO -36632758.71 143156965 STV GROUP PLC STVGEUR EU -36632758.71 143156965 STV GROUP PLC STVG LN -36632758.71 143156965 STV GROUP PLC STVGEUR EO -36632758.71 143156965 STV GROUP PLC SMG PZ -36632758.71 143156965 STV GROUP PLC STVG S1 -36632758.71 143156965 SUN CHEMICAL LTD 2569274Z LN -21504458.55 276424178.5 SUNDERLAND ASSOC 1274418Z LN -30559441.44 144949782.5 SUNSAIL LTD 1092666Z LN -37047891.81 193976501.7 SW NO 1 LTD 1266351Z LN -127509303.4 140986934.8 SWIFT TECHNICAL 4287133Z LN -34723772.77 138665319.9 TATA CMMNCTNS UK 2534722Z LN -32378969.15 118690215.5 TDL INFOMEDIA 3362Z LN -25723860.05 136762955.6 TELEWEST COM-ADR TWSTD US -3702234581 7581020925 TELEWEST COM-ADR 940767Q GR -3702234581 7581020925 TELEWEST COM-ADR TWT$ LN -3702234581 7581020925 TELEWEST COM-ADR TWSTY US -3702234581 7581020925 TELEWEST COMM TWT VX -3702234581 7581020925 TELEWEST COMM 604296Q GR -3702234581 7581020925 TELEWEST COMM TWSTF US -3702234581 7581020925 TELEWEST COMM 715382Q LN -3702234581 7581020925 TELEWEST COMMUNI 1608194Z LN -459786702.9 9163459022 TELEWEST COMMUNI 1646328Z LN -322407498.9 794173871.1 THALES CORPORATE 1083706Z LN -39356881.83 696177878.8 THAMES WATER FIN 1615Z LN -48749918.54 4474513723 THORN EMI PLC THNE FP -2265916257 2950021937 THORN EMI-ADR THN$ LN -2265916257 2950021937 THORN EMI-ADR TORNY US -2265916257 2950021937 THORN EMI-CDR THN NA -2265916257 2950021937 THORN EMI-REGD 1772Q GR -2265916257 2950021937 TIGER ASPECT PRO 1819690Z LN -1811042.92 108420699.7 TIMES NEWSPAPERS 2343939Z LN -653746579.6 603467606.2 TOPPS TILES PLC TPT EO -39843958.08 122386142.5 TOPPS TILES PLC TPT7 EO -39843958.08 122386142.5 TOPPS TILES PLC TPT9 EO -39843958.08 122386142.5 TOPPS TILES PLC TPT EU -39843958.08 122386142.5 TOPPS TILES PLC TPTJY US -39843958.08 122386142.5 TOPPS TILES PLC TPT6 EO -39843958.08 122386142.5 TOPPS TILES PLC TPT8 EO -39843958.08 122386142.5 TOPPS TILES PLC TPT S1 -39843958.08 122386142.5 TOPPS TILES PLC TPTGBP EO -39843958.08 122386142.5 TOPPS TILES PLC TPT4 EO -39843958.08 122386142.5 TOPPS TILES PLC TPT LN -39843958.08 122386142.5 TOPPS TILES PLC TPT PZ -39843958.08 122386142.5 TOPPS TILES PLC TPT3 EO -39843958.08 122386142.5 TOPPS TILES PLC TPT5 EO -39843958.08 122386142.5 TOPPS TILES PLC TPTJF US -39843958.08 122386142.5 TOPPS TILES PLC TPT VX -39843958.08 122386142.5 TOPPS TILES PLC TPT TQ -39843958.08 122386142.5 TOPPS TILES PLC TPTEUR EO -39843958.08 122386142.5 TOPPS TILES PLC TPT BQ -39843958.08 122386142.5 TOPPS TILES PLC TPT1 EO -39843958.08 122386142.5 TOPPS TILES PLC TPT2 EO -39843958.08 122386142.5 TOPPS TILES PLC TPTEUR EU -39843958.08 122386142.5 TOPPS TILES PLC TPT PO -39843958.08 122386142.5 TOPPS TILES PLC TPT IX -39843958.08 122386142.5 TOPPS TILES PLC TPT10 EO -39843958.08 122386142.5 TOPPS TILES-NEW TPTN LN -39843958.08 122386142.5 TOTAL UK LTD 3897130Z LN -61225906.13 2907445594 TRAVELEX HOLDING 2917958Z LN -1298945101 2546701094 TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472 TRINITY MIRROR C 1871386Z LN -53485246.17 204376308.9 TRINITY MIRROR M 1871370Z LN -140843056.8 448783505.1 TRINITY MIRROR P 1511258Z LN -123528659.2 920027091.7 TRINITY MIRROR S 1512242Z LN -3205761.051 531281737.1 TSE DEVELOPMENT 2087531Z LN -297696548.3 510522326.8 TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672 TUI UK LTD 1653824Z LN -913811298.8 5088088830 TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519 UNILEVER UK CENT 1273034Z LN -1928848885 6056871052 UNIQ PREPARED FO 1077122Z LN -120661558 355622471.3 UNITED BISCUITS 3193858Z LN -326896245.3 3316769414 UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2 UNIVERSAL PICTUR 1083202Z LN -66200436.83 242851864.9 UPS LTD 1503290Z LN -128358198.9 422072199.6 UTC GROUP UGR LN -11904428.42 203548565 VALE OF AYLESBUR 4006932Z LN -73416860.01 100856530.6 VANCO UK LTD 2784982Z LN -56556541 114635709.2 VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2 VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6 VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7 VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7 VIRGIN MOBILE UEM GR -392165409.3 166070003.7 VIRGIN MOBILE VGMHF US -392165409.3 166070003.7 VIRGIN MOBILE VMOB VX -392165409.3 166070003.7 VIRGIN MOBILE VMOB LN -392165409.3 166070003.7 VIRGIN MOBILE VMOB PO -392165409.3 166070003.7 VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566 VODAFONE UK CONT 1909662Z LN -36036445.35 241077469.5 VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624 WALES & WEST UTI 3688061Z LN -784167196.7 2080276139 WARNER ESTATE WNEHF US -41311778.07 373214358.7 WARNER ESTATE WNER EO -41311778.07 373214358.7 WARNER ESTATE WNER LN -41311778.07 373214358.7 WARNER ESTATE WNER EU -41311778.07 373214358.7 WARNER ESTATE WRL GR -41311778.07 373214358.7 WARNER ESTATE WNER PZ -41311778.07 373214358.7 WARNER ESTATE WNER VX -41311778.07 373214358.7 WARNER ESTATE WNER PO -41311778.07 373214358.7 WARNER ESTATE WNER IX -41311778.07 373214358.7 WARNER ESTATE WNERGBP EO -41311778.07 373214358.7 WARNER MUSIC UK 1075906Z LN -30035535.27 103148268.1 WATSON & PHILIP WTSN LN -120493900 252232072.9 WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2 WEETABIX LTD-A WEEBF US -397652099.9 909970808.9 WEETABIX LTD-A WTB OF -397652099.9 909970808.9 WESCOT TOPCO LTD 4007020Z LN -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 WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6 WINCANTON PL-ADR WNCNY US -290434318.5 1037176004 WINCANTON PLC WIN1 EB -290434318.5 1037176004 WINCANTON PLC WIN1 BQ -290434318.5 1037176004 WINCANTON PLC WIN7 EO -290434318.5 1037176004 WINCANTON PLC WIN1GBP EO -290434318.5 1037176004 WINCANTON PLC WIN5 EO -290434318.5 1037176004 WINCANTON PLC WIN8 EO -290434318.5 1037176004 WINCANTON PLC WIN9 EO -290434318.5 1037176004 WINCANTON PLC WIN1USD EU -290434318.5 1037176004 WINCANTON PLC WIN6 EO -290434318.5 1037176004 WINCANTON PLC WIN13 EO -290434318.5 1037176004 WINCANTON PLC WIN PZ -290434318.5 1037176004 WINCANTON PLC WIN IX -290434318.5 1037176004 WINCANTON PLC WIN1 S1 -290434318.5 1037176004 WINCANTON PLC WIN12 EO -290434318.5 1037176004 WINCANTON PLC WIN1 EO -290434318.5 1037176004 WINCANTON PLC WIN4 EO -290434318.5 1037176004 WINCANTON PLC WIN1 TQ -290434318.5 1037176004 WINCANTON PLC WIN1USD EO -290434318.5 1037176004 WINCANTON PLC WNCNF US -290434318.5 1037176004 WINCANTON PLC WIN VX -290434318.5 1037176004 WINCANTON PLC WIN1EUR EU -290434318.5 1037176004 WINCANTON PLC WIN1 EU -290434318.5 1037176004 WINCANTON PLC WIN PO -290434318.5 1037176004 WINCANTON PLC WIN10 EO -290434318.5 1037176004 WINCANTON PLC WIN LN -290434318.5 1037176004 WINCANTON PLC WIN1 NQ -290434318.5 1037176004 WINCANTON PLC WIN1EUR EO -290434318.5 1037176004 WINCANTON PLC WIN1 QM -290434318.5 1037176004 WINCANTON PLC WIN11 EO -290434318.5 1037176004 WINDSOR TELEVISI 1475394Z LN -232297665.7 340517582.8 WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274 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, Ivy B. Magdadaro, Frauline S. Abangan and Peter A. Chapman, Editors. Copyright 2012. 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 Peter Chapman at 240/629-3300. * * * End of Transmission * * *