/raid1/www/Hosts/bankrupt/TCREUR_Public/120221.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 21, 2012, Vol. 13, No. 37
Headlines
C Z E C H R E P U B L I C
CESKE AEROLINIE: Share in Letiste Passengers Drops to 36%
G E R M A N Y
CLEAN MOBILE: Files for Insolvency; Receiver Looks for Buyer
I C E L A N D
* ICELAND: Fitch Lifts Long-Term Issuer Default Rating From 'BB+'
I R E L A N D
EARLS HOLDINGS: To Enter Into Receivership
I T A L Y
AEROPORTI DI ROMA: Moody's Reviews Ba2 Debt Ratings for Downgrade
K A Z A K H S T A N
BMB MUNAI: Incurs US$304,000 Net Loss in Dec. 31 Quarter
N E T H E R L A N D S
GLOBAL SENIOR: Fitch Affirms 'BBsf' Rating on EUR115-Mil. Notes
P O R T U G A L
BRISA CONCESSAO: Moody's Lowers Debt Rating to 'Ba2'
COMBOIOS DE PORTUGAL: Moody's Cuts Corp. Family Rating to 'B3'
EMPRESA DE ELECTRICIDAD: Moody's Cuts Issuer Rating to 'Caa1'
PARPUBLICA-PARTICIPACOES: Moody's Cuts Corp. Family Rating to B3
POLO II: Moody's Reviews 'B3' Ratings for Downgrade
PORTUGAL TELECOM: Moody's Affirms 'Ba1' Corp. Family Rating
RADIO E TELEVISAO: Moody's Lowers Corp. Family Rating to 'B3'
* PORTUGAL: Moody's Reviews Covered Bond Ratings for Downgrade
R U S S I A
LEADER ZAO: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
VIMPELCOM LTD: Moody's Says Dispute Resolution is Credit Positive
S L O V A K R E P U B L I C
BRATISLAVSKA: Moody's Cuts Issuer Rating to 'Baa3'; Outlook Neg
VOLKSBANK SLOVENSKO: Fitch Downgrades Issuer Default Rating
S P A I N
FTYPYME TDA: Fitch Affirms Rating on Series 3SA Notes at 'BBsf'
* SPAIN: Moody's Says RMBS Performance Worsened Slightly in Dec.
S W E D E N
SAAB AUTOMOBILE: Zhejiang Youngman Revises Takeover Offer
U N I T E D K I N G D O M
ADVANCED MEDIA: High Court Winds Down Firm Following Probe
BOWMAN: Set to Appoint Administrator; 49 Jobs Affected
FOUR SEASONS: Rules Out Sale; In Debt Refinancing Talks
HC WOLTON: Goes Into Liquidation Amid Alleged False Valuations
HEART OF MIDLOTHIAN: Future in Limbo Due to Unpaid Tax Bill
HELLAS TELECOMMUNICATIONS: Chapter 15 Case Summary
RANGERS FC: SFA to Launch Investigation Into Financial Chaos
RANGERS FC: Gets Several Expressions of Interest
TRAVELODGE LTD: Seeks Financing From New York-Based Hedge Funds
WILTSHIRE HOTEL: Goes Into Administration, Seeks New Owner
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
===========================
C Z E C H R E P U B L I C
===========================
CESKE AEROLINIE: Share in Letiste Passengers Drops to 36%
---------------------------------------------------------
According to Bloomberg News' Lenka Ponikelska, Miroslav Dvorak,
the chief executive officer of Cesky Aeroholding, told Pravo in
an interview that Ceske Aerolinie AS's share of passengers
handled at Letiste Praha AS fell to 36% from 45% in 2009.
Mr. Dvorak said in Pravo that the share should decline to 25% by
the end of the restructuring of the unprofitable state carrier,
which is being put together into a holding with the airport by
the government, Bloomberg relates.
The government will have to find a strategic partner for CSA that
would guarantee that it remains a network carrier based in
Prague, Bloomberg states.
Mr. Dvorak, as cited by Bloomberg, said that a strong partner
from Asia would be the best option for the carrier.
Mr. Dvorak said that the official tender for CSA will probably
start in the second half the year after CSA is fully integrated
into Cesky Aeroholding, a joint company of CSA and Letiste Praha
AS, Bloomberg notes.
Ceske Aerolinie AS is the national airline of the Czech Republic,
and the temporary flag carrier of Slovakia with its head office
on the grounds of Ruzyne Airport in Ruzyne, Prague.
=============
G E R M A N Y
=============
CLEAN MOBILE: Files for Insolvency; Receiver Looks for Buyer
------------------------------------------------------------
Bike Europe reports that Clean Mobile AG applied for insolvency
early this month. Receiver Dr. Christian Gerloff from the Munich
based law firm Ott Gerloff said Clean Mobile has a good chance to
survive, the report says.
Receiver Gerloff started, together with KPMG, to look for
investors to take over the company.
"Clean Mobile is one of the pioneers in e-drivetrain technologies
and was developing progressively. Therefore there are good
chances to find interested parties looking for innovative
technologies in these times where alternative environmental-
friendly drivetrains are on the rise," the report quotes Mr.
Gerloff as saying.
Based in Munich, Clean Mobile AG is an electric drivetrain
supplier. The company employs about 20 people.
=============
I C E L A N D
=============
* ICELAND: Fitch Lifts Long-Term Issuer Default Rating From 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Iceland's Long-term foreign currency
Issuer Default Rating (IDR) to 'BBB-' from 'BB+' and affirmed its
Long-term local currency IDR at 'BBB+'. Its Short-term foreign
currency IDR has also been upgraded to 'F3' from 'B' and its
Country Ceiling to 'BBB-' from 'BB+'. The Outlooks on the Long-
term ratings are Stable.
'The restoration of Iceland's Long-term foreign currency rating
to investment grade reflects the progress that has been made in
restoring macroeconomic stability, pushing ahead with structural
reform and rebuilding sovereign creditworthiness since the 2008
banking and currency crisis," says Paul Rawkins, Senior Director
in Fitch's Sovereign Rating Group.
"Iceland has successfully exited its IMF program and gained
renewed access to international capital markets. A promising
economic recovery is underway, financial sector restructuring is
well-advanced, while public debt/GDP appears to be close to
peaking on the back of a robust fiscal consolidation program"
added Mr. Rawkins.
As the first country to suffer the full force of the global
financial crisis, Iceland successfully completed a three-year
IMF-supported rescue program in August 2011. Despite some
setbacks along the way, the program laid the foundations for
renewed access to international capital markets in mid-2011 and
an encouraging rebound in economic growth to 3% for 2011 as a
whole. Flexible labor and product markets and a floating
exchange rate have facilitated the correction of external
imbalances and contained the rise in unemployment, while the
financial system has shrunk to one fifth of its former size.
Iceland has been among the front runners on fiscal consolidation
in advanced economies: the primary deficit has contracted from
6.5% of GDP in 2009 to 0.5% in 2011 and Iceland appears to be on
track to attain primary fiscal surpluses from 2012 and headline
surpluses from 2014.
Fitch believes that gross general government debt may have peaked
at around 100% of GDP in 2011 (excluding potential Icesave
liabilities); net debt is significantly lower at around 65% of
GDP, reflecting appreciable deposits at the Central Bank (CBI).
Barring further shocks, Iceland should see a sustained reduction
in its public debt/GDP ratio from 2012, assuming economic
recovery continues and the government adheres to its medium term
fiscal targets. Ample general government deposits at the CBI and
record foreign exchange reserves ameliorate near-term fiscal
financing concerns. However, the risk of additional contingent
liabilities migrating to the sovereign's balance sheet remains
high.
Iceland's unorthodox crisis policy response has succeeded in
preserving sovereign creditworthiness in the face of
unprecedented financial sector distress. However, legacy issues
remain, notably the protracted dispute over Icesave, an offshore
branch of the failed Landsbanki that accepted foreign exchange
deposits in the UK and the Netherlands, and the slow unwinding of
capital controls imposed in 2008.
The impact of Icesave on Iceland's sovereign creditworthiness has
diminished over time and Landsbanki has begun to remunerate
deposit liabilities. Nonetheless, Fitch considers that Icesave
still has the capacity to raise public debt by 6%-13% of GDP,
should an EFTA Court ruling go against Iceland. Resolution of
Icesave will be important for restoring normal relations with
external creditors and removing this uncertainty for public
finances.
Capital controls continue to block repatriation of US$3 billion-
US$4 billion of non-resident investment in ISK-denominated public
debt and deposit instruments. Fitch acknowledges that Iceland's
exit from capital controls promises to be lengthy, given the
underlying risks to macroeconomic stability, fiscal financing and
the newly restructured commercial banks' deposit base.
So far, Iceland has been relatively unaffected by the eurozone
sovereign debt crisis and, although growth is expected to slow to
2%-2.5% in 2012-13, Fitch does not expect Iceland to slip back
into recession. However, the private sector remains heavily
indebted -- household debt exceeds 200% of disposable income and
corporate debt 210% of GDP -- highlighting the need for further
domestic debt restructuring, while the key export sector has been
held back by capacity constraints and a lack of investment
exacerbated in part by the slow unwinding of capital controls.
Fitch says that future sovereign rating actions will take a broad
range of factors into account including continued economic
recovery and fiscal consolidation and progress towards public and
external debt reduction. Iceland is still a relatively high
income country with standards of governance, human development
and ease of doing business more akin to a high grade sovereign
than low investment grade. Accelerated private sector domestic
debt restructuring, a progressive unwinding of capital controls,
normalization of relations with external creditors and enduring
monetary and exchange rate stability would help to further
advance Iceland's investment grade status.
=============
I R E L A N D
=============
EARLS HOLDINGS: To Enter Into Receivership
-------------------------------------------
InsolvencyJournal.ie reports that Earls Holdings Limited was to
go into receivership.
The appointment of Kieran Wallace of KPMG by Ulster bank sees the
Radisson Blu Hotel Athlone and the East Nightclub in Ballinasloe
go into receivership, InsolvencyJournal.ie discloses.
The staff of 89 in the hotel and 15 in the night club will not be
affected by this decision, InsolvencyJournal.ie notes.
The companies will continue to operate as normal and any
functions that have been scheduled prior to the appointment will
be honored, InsolvencyJournal.ie says.
Earls Holdings owned a franchise under the Radisson Blu brand
name and no other Radisson will or has been affected by this
decision by the announcement, InsolvencyJournal.ie states.
=========
I T A L Y
=========
AEROPORTI DI ROMA: Moody's Reviews Ba2 Debt Ratings for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has announced that the ratings of these
Italian infrastructure & utility companies remain unchanged:
- The A3 senior unsecured ratings with a negative outlook of
Enel S.p.A., its guaranteed finance subsidiaries, Enel
Investment Holding B.V. and Enel Finance International N.V.,
and Endesa S.A. and its subsidiaries. The Prime-2 short-term
ratings of Enel Finance International N.V., Endesa S.A. and
its finance subsidiary International Endesa B.V. also remain
unchanged.
- The A3 backed senior unsecured ratings with a stable outlook
of Atlantia S.p.A.
- The A3 issuer and senior unsecured ratings with a negative
outlook of Terna S.p.A.
- The Baa1 issuer and senior unsecured ratings with a negative
outlook of A2A S.p.A.
- The Baa1 issuer rating with a negative outlook of Acea S.p.A.
- The Baa1 issuer and senior unsecured ratings with a negative
outlook of Hera S.p.A.
- The Baa2 senior secured rating and the (P)Baa3 senior
unsecured ratings with a stable outlook of SIAS - Societa
Iniziative Autostradali e Servizi S.p.A.
- The Baa3 senior unsecured ratings on review for downgrade of
Edison S.p.A.
- The Ba2 debt ratings on review for downgrade of Aeroporti di
Roma S.p.A. and its affiliate, Romulus Finance s.r.l.
These announcements follow Moody's recent decision to downgrade
the Republic of Italy's sovereign rating to A3 with a negative
outlook from A2, as announced on February 13, 2012
In accordance with Moody's previously published guidance,
infrastructure & utility companies would not be expected to have
a rating more than one to two notches above that of the
sovereign.
Moody's will comment separately on the ratings of Acquedotto
Pugliese S.p.A. and Compagnia Valdostana delle Acque S.p.A. as
these companies' ratings incorporate some uplift for support from
their respective sub-sovereign owners.
===================
K A Z A K H S T A N
===================
BMB MUNAI: Incurs US$304,000 Net Loss in Dec. 31 Quarter
--------------------------------------------------------
BMB Munai, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of US$304,217 on US$0 of revenue for the three months ended
Dec. 31, 2011, compared with net income of US$1.36 million on $0
of revenue for the same period a year ago.
The Company reported a net loss of US$138.84 million on US$0 of
revenue for the nine months ended Dec. 31, 2011, compared with
net income of US$1.67 million on US$0 of revenue for the same
period during the prior year.
The Company did not generate any revenue during the three months
ended Dec. 31, 2011, and 2010 except from oil and gas sales
through Emir Oil.
The Company's balance sheet at Dec. 31, 2011, showed
US$42.26 million in total assets, US$20.51 million in total
liabilities, all current, and US$21.74 million in total
shareholders' equity.
Hansen, Barnett & Maxwell, P.C., in Salt Lake City, said that as
a result of the pending sale of Emir Oil LLP, BMB Munai will have
no continuing operations that result in positive cash flow, which
raise substantial doubt about its ability to continue as a going
concern.
Bankruptcy Warning
The Company has disclosed that if it does not complete the sale,
it will not have sufficient funds to retire the restructured
Senior Notes when they become due. "In this event, we would
likely be required to consider liquidation alternatives,
including the liquidation of our business under bankruptcy
protection," the Company said.
A full-text copy of the Form 10-Q is available for free at:
http://is.gd/rBH179
About BMB Munai
Based in Almaty, Kazakhstan, BMB Munai, Inc., is a Nevada
corporation that originally incorporated in the State of Utah in
1981. Since 2003, its business activities have focused on oil
and natural gas exploration and production in the Republic of
Kazakhstan through its wholly-owned operating subsidiary Emir Oil
LLP. Emir Oil holds an exploration contract that allows the
Company to conduct exploration drilling and oil production in the
Mangistau Province in the southwestern region of Kazakhstan until
January 2013. The exploration territory of its contract area is
approximately 850 square kilometers and is comprised of three
areas, referred to herein as the ADE Block, the Southeast Block
and the Northwest Block.
=====================
N E T H E R L A N D S
=====================
GLOBAL SENIOR: Fitch Affirms 'BBsf' Rating on EUR115-Mil. Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Global Senior Loan Index Fund I B.V.'s
notes as follows:
-- EUR453.1 million class A1 (ISIN XS0327321435): affirmed at
'AAAsf'; Outlook Stable
-- EUR42.4 million class A2 (ISIN XS0327323217): affirmed at
'AAsf'; Outlook Stable
-- EUR115.0 million Funding Notes (ISIN XS0327323647): affirmed
at 'BBsf'; Outlook Stable
The affirmation of the notes reflects adequate levels of credit
enhancement for their ratings. The notes have accumulated
additional credit enhancement since the last review in April
2011, which offset a slight deterioration in the portfolio
performance. Obligors rated 'CCC' or below account for 6.2% of
the portfolio, up from 5.2% at the time of the last review.
The transaction has built up a sizable cash position since April
2011. Cash increased to 17.7% of total assets from 4.1% at the
last review. The cash balance increase was driven by several
large asset paydowns, which outweighed purchases of new assets by
the collateral manager. According to the transaction
documentation, if during the reinvestment period the collateral
manager is unable to use principal proceeds to purchase new
assets over two payment periods, then the unused cash is used to
amortize liabilities in order of seniority. Following the
expected end of the reinvestment period in June 2013 all
scheduled principal proceeds will be used to amortize the
transaction liabilities. Unscheduled principal proceeds may be
reinvested for another two years.
The over-collateralization (OC) test has never been breached. The
reinvestment test failed for the first time since closing at the
end of 2011 but is now back in compliance. If breached, the
reinvestment test triggers the use of 50% of available interest
proceeds for the purchase of additional collateral. The interest
coverage test (IC) has never failed. However, the test results
have been volatile.
Fitch notes the OC tests are unusual in that the OC levels could
be elevated by increasing 'CCC' portfolio exposure - whereas in
more traditional transactions, rising 'CCC' exposure will reduce
OC levels. For the purpose of calculating the OC tests in this
transaction, the excess 'CCC' bucket is included at the aggregate
of their lowest market value and lowest recovery estimate, as per
the transaction documents. In Fitch's view, this treatment is
not in line with common market practice. By taking some assets
rated 'CCC' and below potentially at above their par value and
thereby increasing the OC levels, it could have the reverse of
the intended effect of having traditional haircuts for assets
with substantial credit risk in the OC tests.
Fitch considers the risk of overstating excess 'CCC' assets in
the OC calculation remote given current depressed market values
and recovery prospects for leveraged loans. As of January 2012
excess 'CCC' assets are accounted for at 12% of their par value
in the OC calculation. Nevertheless, Fitch notes that excess
'CCC' assets have been accounted for at more than par in the OC
test in the past.
Fitch believes that a material risk for the transaction is that
the underlying assets' maturity may extend beyond their reported
weighted average life. While the transaction portfolio currently
does not contain assets with legal final maturities beyond the
maturity of the securitization, there is a risk that existing
assets might be amended and have their maturities extended.
Fitch incorporated this extension risk into its analysis of the
portfolio.
Global Senior Loan Index Fund I B.V. is a securitization of
mainly European senior secured loans. At closing a total note
issuance of EUR652 million was used to invest in a target
portfolio of EUR640.8 million. The portfolio is actively managed
by Harbourmaster Capital Limited and advised by Harbourmaster
Capital Management Limited.
===============
P O R T U G A L
===============
BRISA CONCESSAO: Moody's Lowers Debt Rating to 'Ba2'
----------------------------------------------------
Moody's Investors Service has taken rating actions on the
following infrastructure and utility issuers in Portugal:
- Brisa Concessao Rodoviaria (BCR)'s debt rating was downgraded
to Ba2 from Ba1. Concurrently, Moody's downgraded the
company's EUR3 billion Euro Medium Term Note (EMTN) program to
(P)Ba2 from (P)Ba1. The assigned outlook is negative.
- Rede Ferroviaria Nacional - REFER, E.P.E. (REFER)'s EUR3
billion EMTN program, which provides for the issuance of
government-guaranteed notes, was downgraded to (P)Ba3 from
(P)Ba2. Concurrently, Moody's downgraded the rating of the
government-guaranteed notes to Ba3 from Ba2. REFER's rating
outlook remains negative.
- Redes Energeticas Nacionais, SGPS, S.A. (REN)'s Ba1 issuer and
senior unsecured ratings were placed on review for downgrade.
- Energias de Portugal SA (EDP), its finance subsidiary EDP
Finance BV (EDP Finance) and its Spanish subsidiary,
Hidroelectrica del Cantabrico (HC Energia) were downgraded to
Ba1 from Baa3. Moody's has also downgraded the rating of EDP's
and EDP Finance's EMTN program to (P)Ba1 from (P)Baa3.
Concurrently, Moody's downgraded the short-term ratings of
EDP, EDP Finance and HC Energia to Not-Prime from Prime-3. The
assigned outlook on all affected ratings is negative.
These announcements follow Moody's recent decision to downgrade
the Republic of Portugal's sovereign rating to Ba3 with a
negative outlook from Ba2 with a negative outlook, as announced
on February 13, 2012.
This concludes the actions on Portuguese infrastructure & utility
issuers following the action on Portugal's sovereign rating.
Other rating actions may follow if there are changes to sub-
sovereign ratings in Portugal.
Ratings Rationale
BRISA CONCESSAO RODOVIARIA (BCR)
Moody's decision to downgrade BCR's rating primarily reflects the
company's exposure to economic stresses in Portugal and its
inability to disconnect itself from local economic and market
circumstances.
BCR's rating is constrained by that of the Portuguese government
and, following a review concluded in November 2011, Moody's
indicated that the company's rating was likely to be adversely
affected by any deterioration in the sovereign rating, which
remains the case. Moody's sees little potential for upward
pressure on the ratings absent an upgrade of the sovereign
rating.
The negative outlook reflects the negative outlook on Portugal's
long-term government bond ratings and the company's continuing
exposure to the deteriorating economic situation within the
country. Additionally, the negative outlook takes into account
the need to renew existing short-term facilities, or secure
additional funding in order to repay the EUR500 million bond
maturing in 2013. However, Moody's notes that a significant
proportion of the necessary funding has already been secured.
REDE FERROVIARIA NACIONAL - REFER, E.P.E. (REFER)
The downgrade of both REFER's EUR3 billion EMTN program, which
provides for the issuance of government-guaranteed notes, and the
government-guaranteed notes issued thereunder reflects the
downgrade of the sovereign. There are no changes to any other
REFER ratings. The assigned rating outlook is negative. The
ratings of the EMTN program and the government-guaranteed notes
issued thereunder will follow that of the Republic of Portugal.
Hence, any further downgrade of the sovereign's rating will
result in a downgrade of these ratings.
REDES ENERGETICAS NACIONAIS, SGPS, S.A. (REN)
Moody's has placed REN's Ba1 issuer and senior unsecured ratings
on review for downgrade, pending the rating agency's final
decision as to whether the entity should have a rating either one
or two notches above that of the Portuguese government. More
specifically, the rating review will seek to clarify whether the
potential provision of additional liquidity as part of REN's
privatization, as discussed below, and the involvement of new
non-domestic strategic shareholders could enable REN to achieve a
higher degree of de-linkage from the sovereign's country risk and
mitigate refinancing and liquidity risks, in the context of the
company's sizeable medium-term debt maturities. The rating review
will focus on the final terms and conditions of the credit
line(s) under discussion and the specific allocation to capital
expenditure (capex) and refinancing requirements, in the context
of the new shareholders' strategy and REN's medium-term
investment objectives and needs. Moody's expects any downgrade of
REN's rating to be limited to one notch.
REN's Ba1 rating is constrained by that of the Portuguese
government. Moody's had previously indicated that it did not
expect REN's rating to be more than one notch higher than the
sovereign, given the company's exposure to economic stresses in
the country and its inability to disconnect itself from local
economic and market circumstances. However, the level of notching
could be affected by recent announcements related to the
Portuguese government's disposal of a 40% stake in REN to the
Chinese electricity transmission operator State Grid (25%) and
the investment company Oman Oil (15%). As part of the
transaction, which Moody's expects to be finalized by April 2012,
State Grid has committed to the provision of a EUR1 billion
credit facility to REN through the China Development Bank. REN
has also received letters of interest from three additional
banks, which have pledged to provide further liquidity support.
ENERGIAS DE PORTUGAL SA (EDP) AND SUBSIDIARIES
Moody's has downgraded EDP, EDP Finance and HC Energia to Ba1
with a negative outlook, which is two notches above the
Portuguese government's rating and is in line with Moody's
previously published guidance on utilities and infrastructure
companies. In this guidance, Moody's indicated that such
companies are unlikely to be more than one or two notches above
the sovereign. This constraint reflects Moody's view that, as the
country's leading utility and with around 40% of its EBITDA
emanating from Portugal, EDP cannot fully insulate itself from
the macroeconomic risks associated with a weakened sovereign. At
the same time, the two notch differential with the sovereign,
recognizes EDP's relatively low risk domestic business model as
well as its diversified geographic spread of businesses outside
of Portugal.
In addition, the current ratings on EDP factor in the proposed
acquisition by the state-owned China Three Gorges Corporation
(CTG) of the Portuguese government's 21% stake in the company. If
completed as expected, this transaction provides for (i)
additional liquidity of EUR2 billion, to be put in place by a
Chinese bank; and (ii) a further investment of EUR2 billion by
CTG into EDP's renewables business. The addition of a strong
strategic investor and greater access to liquidity and investment
is likely to reinforce EDP's positioning at two notches above the
sovereign. However, this level of support, is not sufficient to
achieve a virtual de-linkage from the sovereign, which further
notching widening from the sovereign's rating would require.
Should further negative pressure develop on the Portuguese
government's rating, then this could translate into additional
downward pressure on EDP's ratings. Given the current negative
outlook on EDP's ratings, there is no medium-term prospect for an
upgrade at this time. While domiciled in Spain, HC Energia's
rating is constrained by that of its parent.
Principal Methodologies
The principal methodology used in rating BCR was Operational Toll
Roads published in December 2006.
The principal methodology used in rating REFER was the Government
Owned Rail Network Operators Industry Methodology published in
April 2009. Other methodologies used include the Government-
Related Issuers Methodology published in July 2010.
The principal methodology used in rating REN was the Regulated
Electric and Gas Networks Methodology published in August 2009.
The principal methodology used in rating EDP and its subsidiaries
was the Unregulated Utilities and Power Companies Methodology
published in August 2009.
COMBOIOS DE PORTUGAL: Moody's Cuts Corp. Family Rating to 'B3'
--------------------------------------------------------------
Moody's Investors Service has downgraded by one notch the ratings
of two Portuguese government-related issuers (GRIs): Comboios de
Portugal EPE (CP) and Parpublica-Participacoes Publicas (SGPS),
SA (Parpublica). Concurrently, Moody's has affirmed the B1
ratings of Radio e Televisao de Portugal S.A. (RTP). The outlook
on all the affected ratings is negative.
The rating actions affected these entities:
- CP: Corporate family rating (CFR) and probability of default
rating (PDR) downgraded to B3 from B2
- Parpublica: CFR, PDR as well as senior unsecured bonds
downgraded to B2 from B1
- RTP: CFR, PDR and senior unsecured ratings affirmed at B1
All of the above GRIs have a very strong element of government
support incorporated into their ratings in accordance with
Moody's rating methodology for such entities.
These actions follow Moody's recent decision to downgrade the
rating of the government of the Republic of Portugal (RoP) to Ba3
with a negative outlook from Ba2.
Ratings Rationale
- DOWNGRADE OF CP
Moody's decision to downgrade CP follows the rating agency's
decision to downgrade the rating of the government of RoP to Ba3
with a negative outlook from Ba2, given the strong government
support that Moody's incorporates into its ratings for CP. The
rating agency had previously stated that a downgrade of the
sovereign rating would likely result in a downward movement of
CP's ratings.
CP has, to date, been able to roll over their short-term debt
maturities and has benefited from support from the government,
which Moody's expects to continue. However, this entity has some
of the largest debt maturities due over the next 12 months, which
renders it vulnerable to any negative developments given its very
weak standalone profile. Nevertheless, the downgrade of CP's
ratings was limited to one notch because Moody's expects banks to
extend CP's debt maturities, which are likely to be supplemented
where necessary with tangible financial support from the
government.
In accordance with Moody's GRI rating methodology, the B3 rating
of CP reflects the combination of the following inputs: (i) a
baseline credit assessment (BCA), which is a measure of the
company's standalone financial strength without the assumed
benefit of government support, of 20, (equivalent to Ca on
Moody's global ratings scale); (ii) the Ba3 local currency rating
of RoP; (iii) high support; and (iv) very high dependence.
The outlook on CP's rating is negative, reflecting the negative
outlook on the government of RoP's rating. Any further downgrades
of the government of RoP's rating would likely result in a
downwards movement in CP's rating. Furthermore, any evidence that
the provision of financial support from RoP would not be
forthcoming if required, would result in a downgrade of the
rating of CP. An upgrade of RoP's rating could exert upward
pressure on CP's rating, although Moody's does not currently
expect this given the negative outlook on the government of RoP's
rating.
- DOWNGRADE OF PARPUBLICA
As with CP, Moody's decision to downgrade Parpublica follows the
rating agency's decision to downgrade the rating of the
government of RoP to Ba3 with a negative outlook from Ba2. The
ratings agency had previously stated that a downgrade of the
sovereign rating would likely result in a downgrade of
Parpublica's ratings.
Parpublica's B2 rating reflects its nature as the government's
industrial holding arm in strategic companies and its role in
serving the government's political objectives. The B2 rating is
two notches below the sovereign bond rating, which reflects
Moody's determination of the rating through credit substitution
rather than through a more granular analysis. The use of credit
substitution in turn reflects Parpublica's ownership structure
(100% state owned) together with the very significant financial,
strategic and management control exerted by the government
(which, for example, appoints members of the management board and
audit committee). The rating also incorporates Parpublica's lack
of reliance on direct government funding, as well as the value of
its equity holdings versus its debt. Some of these equity
holdings, such as the stake in Energias de Portugal (EDP), were
recently sold for EUR2.7 billion, and others are in the process
of being sold as part of the government's need to raise cash. The
assets sold will most likely be replaced with other government-
owned assets. Moody's expects the government to decide soon how
much of the cash proceeds raised will be retained by Parpublica
for it to fund its future cash needs and how much will be up-
streamed to the government.
The outlook on the rating is negative, reflecting the negative
outlook on the government of RoP's rating. A further downgrade of
the rating of the government of RoP would likely result in a
downgrade of the rating of Parpublica. Furthermore, any evidence
that the provision of financial support from RoP would not be
forthcoming if needed, would result in a downgrade. In addition,
negative pressure could develop in the event of a weakening of
Parpublica's liquidity profile. In line with the recent downgrade
and negative outlook, Moody's does not expect positive pressure
to be exerted on the ratings in the short term. However, a
significant although unlikely upgrade in the rating of the
government of RoP could result in an upgrade of Parpublica's
ratings.
- AFFIRMATION OF RTP
Moody's decision to affirm RTP's ratings reflects Moody's
assessment of the company's financial profile following recent
debt repayments as well as clear expressions of support from the
government. As a result, the rating gap with the sovereign has
been reduced to one notch from two. Moody's notes that the
Portuguese government has included in the 2012 State Budget the
amounts outstanding under RTP's bank credit facility. This means
that the company's debt balance will be reduced by the same
amount, thus improving its financial profile. Moody's also notes
that the European Commission (EC) has confirmed that this
repayment of RTP's debt by the government would not constitute
state aid. In Moody's view, the inclusion of this debt repayment
in the State Budget is a demonstration of the high support
assumption embedded in RTP's B1 rating. These positive
considerations are tempered by the potential privatization of RTP
or one of its two channels, which, if implemented, could lead to
the loss of RTP's GRI status and the removal of its rating uplift
based on current government support.
RTP's B1 rating reflects the following combination of inputs: (i)
a BCA of 17 (Caa1 equivalent); (ii) the Ba3 local currency rating
of RoP; (iii) very high dependence; and (iv) high support. RTP's
credit quality relies primarily on the credit strength of its
100% owner, the Portuguese government, given that RTP would be
unviable with its current financial profile if it were to be
considered a standalone entity. Despite RTP's weak standalone
financial profile, the B1 rating nevertheless reflects the
company's continued close links with the government of RoP and
Moody's expectation that the government would step in with timely
extraordinary financial support if required, despite the lack of
an explicit guarantee.
The outlook on RTP's ratings is negative, reflecting the negative
outlook on the government of RoP's rating. While Moody's does not
consider it likely in the near term given the negative outlook on
the ratings, a significant upgrade in the rating of the
government of RoP could result in an upgrade of RTP. Moody's
could consider upgrading RTP's senior unsecured bank facility
rating to the sovereign rating level if the government were to
provide an explicit guarantee or equivalent measure.
The trajectory of RTP's ratings in the future could be affected
by any future downward moves in the rating of the government of
RoP. A weakening in the company's liquidity profile could also
exert downward pressure on the rating. Moreover, a partial sale
of the government's shareholding in RTP or any indication of a
change in the government of RoP's willingness/capacity to
intervene in a timely manner to support RTP in the event of need,
could cause further downward pressure on RTP's ratings bringing
the entity closer to its standalone credit quality.
Please refer to the credit opinion page of each of the above
companies on www.moodys.com for further details.
Principal Methodologies
The principal methodology used in rating CP was the Global
Passenger Railway Companies Industry Methodology published in
December 2008. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009 and the Government-
Related Issuers Methodology published in July 2010.
The principal methodology used in rating Parpublica was the
Government-Related Issuers: Methodology Update published in July
2010.
The principal methodology used in rating RTP was the Global
Broadcast Industry Methodology published in June 2008. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009 and the Government-Related Issuers
Methodology published in July 2010.
CP is the main railway operator in Portugal, controlling 90% of
the passenger market. The company is 100% owned by the Portuguese
government though the Ministry of Finance and in fiscal year 2010
reported revenues of EUR239 million.
Parpublica is a state-owned industrial holding company domiciled
in Lisbon, Portugal. Parpublica's main role is the management of
equity stakes held by the Portuguese state in Portuguese
companies of public or strategic interest in terms of the
restructuring of the corresponding sector. The Ministry of
Finance acts on behalf of the state in its capacity as sole
shareholder of Parpublica. As of December 31, 2011, the company's
largest holdings are in GALP Energia, Redes Energeticas Nacionais
(REN), TAP airline and ANA.
RTP is a corporation, duly incorporated under domestic law, and
therefore subject to standard Portuguese commercial law. RTP is
100% owned by the Portuguese state through the General
Directorate of Treasury and Finance, and has operated Portugal's
public service broadcasting channels under a concession from the
government since 1996.
EMPRESA DE ELECTRICIDAD: Moody's Cuts Issuer Rating to 'Caa1'
-------------------------------------------------------------
Moody's Investors Service has downgraded the issuer rating of
Empresa de Electricidade da Madeira S.A. (EEM) to Caa1 from B3.
The outlook assigned to the rating is negative. This concludes
the rating review of EEM initiated on 26 September 2011.
Concurrently, Moody's says that the rating of this company
remains unchanged:
- The Ba3 issuer rating with a negative outlook of EDA
(Electricidade dos Acores)
These announcements follow (i) Moody's recent decision to
downgrade the Republic of Portugal's sovereign rating to Ba3 with
a negative outlook from Ba2, as announced on February 13, 2012;
and (ii) the rating actions involving several regional and local
governments in Portugal, including the Autonomous Region of
Madeira (RAM, rating confirmed at B3 negative).
This concludes announcements on local government-related
Portuguese utility companies, following the rating actions
involving several regional and local governments in Portugal.
Ratings Rationale
EMPRESA DE ELECTRICIDADE DA MADEIRA S.A.
The downgrade of EEM's rating to Caa1 primarily reflects the
deterioration in the company's liquidity position. More
specifically, as a consequence of the challenges associated with
the sovereign pressures on Portugal, EEM has experienced a
progressive reduction in the size of its committed short-term
facilities, mainly provided by Portuguese banks, which are the
company's main source of funding to meet debt repayments and new
cash requirements over the next year. In addition, Moody's notes
that EEM's available facilities exhibit very near-term
maturities, fully concentrated in first and second quarters of
2012. In the rating agency's view, these facilities will have to
be replaced or renewed to ensure that the company is able to meet
its funding requirements.
The downgrade of EEM's rating also reflects a deterioration with
respect to the timely payment to the company of outstanding
receivables which, if sustained, would further constrain its
liquidity. While Moody's notes that overdue receivables from
various municipalities and regional public entities in the RAM
increased only marginally in 2011, outstanding receivables due by
the Portuguese Government and residential and business
electricity clients in the RAM have exhibited a more pronounced
deterioration. In Moody's view, additional pressures on the
Portuguese Government, municipalities and public entities in the
RAM and, more generally, electricity clients in the Region are
likely as a result of (i) the recent developments at the
sovereign level; and (ii) the implementation of austerity
measures in the RAM as part of a recently announced financial
restructuring plan. This could potentially reduce the likelihood
of a reversal in the trend of deterioration experienced by the
company in respect of these overdue receivables.
EEM's rating continues to recognize the company's position as the
dominant vertically integrated utility in the RAM, characterized
by a low business risk profile and the fully regulated nature of
its activities, in the context of a relatively well-established
regulatory framework. The rating also reflects the small size of
the company. From a financial perspective, EEM's rating
recognizes the company's leveraged profile and weak credit
metrics resulting from the build-up of outstanding receivables
from various municipalities and regional public entities in the
RAM and the Portuguese Government. The rating also reflects EEM's
linkages with the RAM, owing to the fact that EEM exclusively
operates in the region and currently receives a guarantee from
the RAM in respect of its EUR220 million syndicated facility,
which represents approximately half of the company's long-term
debt.
The negative outlook associated with EEM's rating, which is in
line with that of the RAM, reflects the liquidity and operational
challenges resulting from the current sovereign pressures and the
deterioration of the macroeconomic environment in the RAM.
What Could Change The Rating Up/Down
Upward pressure on EEM's rating could develop if the company is
able to (i) replace more of its short-term facilities with
committed long-term lines, thereby strengthening its liquidity
position and reducing its refinancing risk; and (ii) stabilize,
or reduce, the amount of its overdue receivables.
Conversely, further negative pressure on EEM's rating could
develop in the event of a further deterioration in the company's
financial position, resulting from, but not limited to, (i) an
acceleration in the maturities of EEM's bank loan facilities;
(ii) a material write-down of receivables or other evidence that
they are unrecoverable; or (iii) liquidity that is further
weakened or evidence that the company was unable to raise the
finance necessary to support its business obligations.
Principal Methodologies
The principal methodology used in the rating of Empresa de
Electricidade da Madeira S.A. was the Regulated Electric and Gas
Utilities Methodology published in August 2009.
PARPUBLICA-PARTICIPACOES: Moody's Cuts Corp. Family Rating to B3
----------------------------------------------------------------
Moody's Investors Service has downgraded by one notch the ratings
of two Portuguese government-related issuers (GRIs): Comboios de
Portugal EPE (CP) and Parpublica-Participacoes Publicas (SGPS),
SA (Parpublica). Concurrently, Moody's has affirmed the B1
ratings of Radio e Televisao de Portugal S.A. (RTP). The outlook
on all the affected ratings is negative.
The rating actions affected these entities:
- CP: Corporate family rating (CFR) and probability of default
rating (PDR) downgraded to B3 from B2
- Parpublica: CFR, PDR as well as senior unsecured bonds
downgraded to B2 from B1
- RTP: CFR, PDR and senior unsecured ratings affirmed at B1
All of the above GRIs have a very strong element of government
support incorporated into their ratings in accordance with
Moody's rating methodology for such entities.
These actions follow Moody's recent decision to downgrade the
rating of the government of the Republic of Portugal (RoP) to Ba3
with a negative outlook from Ba2.
Ratings Rationale
- DOWNGRADE OF CP
Moody's decision to downgrade CP follows the rating agency's
decision to downgrade the rating of the government of RoP to Ba3
with a negative outlook from Ba2, given the strong government
support that Moody's incorporates into its ratings for CP. The
rating agency had previously stated that a downgrade of the
sovereign rating would likely result in a downward movement of
CP's ratings.
CP has, to date, been able to roll over their short-term debt
maturities and has benefited from support from the government,
which Moody's expects to continue. However, this entity has some
of the largest debt maturities due over the next 12 months, which
renders it vulnerable to any negative developments given its very
weak standalone profile. Nevertheless, the downgrade of CP's
ratings was limited to one notch because Moody's expects banks to
extend CP's debt maturities, which are likely to be supplemented
where necessary with tangible financial support from the
government.
In accordance with Moody's GRI rating methodology, the B3 rating
of CP reflects the combination of the following inputs: (i) a
baseline credit assessment (BCA), which is a measure of the
company's standalone financial strength without the assumed
benefit of government support, of 20, (equivalent to Ca on
Moody's global ratings scale); (ii) the Ba3 local currency rating
of RoP; (iii) high support; and (iv) very high dependence.
The outlook on CP's rating is negative, reflecting the negative
outlook on the government of RoP's rating. Any further downgrades
of the government of RoP's rating would likely result in a
downwards movement in CP's rating. Furthermore, any evidence that
the provision of financial support from RoP would not be
forthcoming if required, would result in a downgrade of the
rating of CP. An upgrade of RoP's rating could exert upward
pressure on CP's rating, although Moody's does not currently
expect this given the negative outlook on the government of RoP's
rating.
- DOWNGRADE OF PARPUBLICA
As with CP, Moody's decision to downgrade Parpublica follows the
rating agency's decision to downgrade the rating of the
government of RoP to Ba3 with a negative outlook from Ba2. The
ratings agency had previously stated that a downgrade of the
sovereign rating would likely result in a downgrade of
Parpublica's ratings.
Parpublica's B2 rating reflects its nature as the government's
industrial holding arm in strategic companies and its role in
serving the government's political objectives. The B2 rating is
two notches below the sovereign bond rating, which reflects
Moody's determination of the rating through credit substitution
rather than through a more granular analysis. The use of credit
substitution in turn reflects Parpublica's ownership structure
(100% state owned) together with the very significant financial,
strategic and management control exerted by the government
(which, for example, appoints members of the management board and
audit committee). The rating also incorporates Parpublica's lack
of reliance on direct government funding, as well as the value of
its equity holdings versus its debt. Some of these equity
holdings, such as the stake in Energias de Portugal (EDP), were
recently sold for EUR2.7 billion, and others are in the process
of being sold as part of the government's need to raise cash. The
assets sold will most likely be replaced with other government-
owned assets. Moody's expects the government to decide soon how
much of the cash proceeds raised will be retained by Parpublica
for it to fund its future cash needs and how much will be up-
streamed to the government.
The outlook on the rating is negative, reflecting the negative
outlook on the government of RoP's rating. A further downgrade of
the rating of the government of RoP would likely result in a
downgrade of the rating of Parpublica. Furthermore, any evidence
that the provision of financial support from RoP would not be
forthcoming if needed, would result in a downgrade. In addition,
negative pressure could develop in the event of a weakening of
Parpublica's liquidity profile. In line with the recent downgrade
and negative outlook, Moody's does not expect positive pressure
to be exerted on the ratings in the short term. However, a
significant although unlikely upgrade in the rating of the
government of RoP could result in an upgrade of Parpublica's
ratings.
- AFFIRMATION OF RTP
Moody's decision to affirm RTP's ratings reflects Moody's
assessment of the company's financial profile following recent
debt repayments as well as clear expressions of support from the
government. As a result, the rating gap with the sovereign has
been reduced to one notch from two. Moody's notes that the
Portuguese government has included in the 2012 State Budget the
amounts outstanding under RTP's bank credit facility. This means
that the company's debt balance will be reduced by the same
amount, thus improving its financial profile. Moody's also notes
that the European Commission (EC) has confirmed that this
repayment of RTP's debt by the government would not constitute
state aid. In Moody's view, the inclusion of this debt repayment
in the State Budget is a demonstration of the high support
assumption embedded in RTP's B1 rating. These positive
considerations are tempered by the potential privatization of RTP
or one of its two channels, which, if implemented, could lead to
the loss of RTP's GRI status and the removal of its rating uplift
based on current government support.
RTP's B1 rating reflects the following combination of inputs: (i)
a BCA of 17 (Caa1 equivalent); (ii) the Ba3 local currency rating
of RoP; (iii) very high dependence; and (iv) high support. RTP's
credit quality relies primarily on the credit strength of its
100% owner, the Portuguese government, given that RTP would be
unviable with its current financial profile if it were to be
considered a standalone entity. Despite RTP's weak standalone
financial profile, the B1 rating nevertheless reflects the
company's continued close links with the government of RoP and
Moody's expectation that the government would step in with timely
extraordinary financial support if required, despite the lack of
an explicit guarantee.
The outlook on RTP's ratings is negative, reflecting the negative
outlook on the government of RoP's rating. While Moody's does not
consider it likely in the near term given the negative outlook on
the ratings, a significant upgrade in the rating of the
government of RoP could result in an upgrade of RTP. Moody's
could consider upgrading RTP's senior unsecured bank facility
rating to the sovereign rating level if the government were to
provide an explicit guarantee or equivalent measure.
The trajectory of RTP's ratings in the future could be affected
by any future downward moves in the rating of the government of
RoP. A weakening in the company's liquidity profile could also
exert downward pressure on the rating. Moreover, a partial sale
of the government's shareholding in RTP or any indication of a
change in the government of RoP's willingness/capacity to
intervene in a timely manner to support RTP in the event of need,
could cause further downward pressure on RTP's ratings bringing
the entity closer to its standalone credit quality.
POLO II: Moody's Reviews 'B3' Ratings for Downgrade
---------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
B3 ratings of the following instruments of Polo Securities II
Ltd. (Polo II) and Polo III -- CP Finance Ltd. (Polo III): (i) an
outstanding amount of EUR187.5 million worth of senior secured
notes due in June 2014 issued by Polo II; and (ii) EUR100 million
worth of senior secured notes due in June 2013 and EUR300 million
worth of senior secured notes due in 2015 issued by Polo III.
The financial guarantor of the notes is the monoline insurer MBIA
UK Insurance Limited (MBIA UK). Moody's evaluates MBIA UK on a
consolidated basis as a part of MBIA Insurance Corporation
(insurance financial strength (IFS) rating B3, under review for
downgrade).
The announcement was triggered by the downgrade of Comboios de
Portugal (CP)'s corporate family rating (CFR) to B3 from B2. CP's
rating underlies those of the wrapped bonds issued by both Polo
II and Polo III. The downgrade of CP, which is a government-
related entity, follows the recent downgrade of the government of
the Republic of Portugal to Ba3 with a negative outlook from Ba2.
Ratings Rationale
The credit profile of Polo II and Polo III are correlated with CP
because the proceeds of the notes were on-lent by the issuers to
CP, pursuant to three different loan agreements. Therefore, the
obligations of the issuers are secured by an assignment of rights
under those loan agreements to the trustee, which represents the
interests of all the stakeholders of the transactions (such as
noteholders, coupon holders and the financial guarantor).
For wrapped ratings, Moody's current practice is to assign the
higher of (i) the guarantor's financial strength rating or (ii)
any published underlying rating.
Since the downgrade of CP to non-investment grade, Moody's has
applied its "Loss Given Default for Speculative-Grade Non-
Financial Companies in the US, Canada and EMEA", published June
2009, to assess the ratings on the notes issued by Polo II and
Polo III.
If Moody's were rating the notes issued by Polo II and Polo III
starting from the underlying rating, their rating would be Caa1,
which is one notch lower than CP's rating, in light of the
substantial amount of secured debt that will rank ahead of the
notes, given that approximately 30% of CP's debt is secured.
However, in this case the rating assigned to the notes would be
lower than the current IFS rating of the financial guarantor,
which is currently B3 (on review for downgrade). Therefore, given
the possible implications of rating the notes following the
downgrade of CP, Moody's has reinstated the issuer's insured
rating as the primary driver of its credit assessment.
The outlook on the ratings reflects the outlook on the rating of
MBIA UK, which is now under review for possible downgrade. The
rating agency therefore believes that the review will not be
concluded before the completion of Moody's review of MBIA UK's
rating.
Given that Moody's has placed the ratings of the notes on review
for downgrade, it does not currently anticipate positive rating
pressure. Longer term, however, upward pressure on these ratings
could develop if either an upgrade of the rating of Portugal were
to result in an upgrade of the rating of CP, or the MBIA UK's IFS
were to be upgraded. Conversely, a downgrade of MBIA UK's IFS
would result in a downgrade of the rating on the notes.
Methodology
The methodologies used in this rating were Moody's Global
Passenger Railway Companies Rating Methodology published in
December 2008. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009 and the Government-
Related Issuers methodology published in July 2010.
Other Factors used in this rating are described in Assignment of
Wrapped Ratings When Financial Guarantor Falls Below Investment
Grade published in May 2008.
Polo II and Polo III, which are incorporated in Jersey, are two
finance conduits that raise finance and on-lend the proceeds to
CP, pursuant to loan agreements. Headquartered in Lisbon,
Portugal, CP is 100% owned by the Portuguese government through
the Ministry of Finance and is the national railway incumbent in
Portugal. In fiscal year 2010, CP reported revenues of EUR239
million.
PORTUGAL TELECOM: Moody's Affirms 'Ba1' Corp. Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating (CFR) of Portugal Telecom SGPS, SA. Concurrently, Moody's
has also affirmed (i) the senior unsecured long-term debt ratings
of Portugal Telecom and its fully owned subsidiary Portugal
Telecom International Finance BV; and (ii) Portugal Telecom's
probability of default rating (PDR).
The outlook on the ratings of all of these entities remains
negative.
The rating affirmation follows Moody's recent decision to
downgrade the Republic of Portugal's sovereign rating to Ba3 with
a negative outlook from Ba2, as announced on February 13, 2012.
Ratings Rationale
The rating affirmation reflects Moody's expectation that, despite
the increasingly challenging domestic macroeconomic environment,
Portugal Telecom will be able to maintain (i) its strong market
positions, further to the transformation of its business model;
and (ii) the improvement in its underlying operating performance.
However, Moody's anticipates ongoing pressure on Portugal Telecom
as a result of regulation, competition and a very challenging
macroeconomic environment in Portugal.
On December 21, 2011, Moody's downgraded Portugal Telecom
reflecting, inter alia, the rating agency's concerns related to
the deteriorating Portuguese economy and its expectation of
further contraction in consumer demand, which could potentially
affect the company's revenues and business risk.
Moody's recognizes that Portugal Telecom's underlying operating
trends have improved compared with those recorded in previous
quarters, supported by the company's past substantial investments
in the network and its strong determination to execute its
business strategy. However, the rating agency expects that the
telecoms operator's financial ratios will remain weak both as a
result of competitive and regulatory pressures and a likely
further deterioration in domestic consumer and business spending.
Portugal Telecom's Ba1 rating is now positioned two notches above
that of Portugal's sovereign rating and it is weakly positioned
in its rating category, with little margin for operating under-
performance. The rating reflects a range of factors including:
(i) Portugal Telecom's relatively resilient, albeit highly
competitive, underlying business; (ii) the company's leading
market position, supported by investments in innovation; (iii)
its international diversification; (iv) its management's
excellent track record in executing the company's strategy under
adverse circumstances; (v) high-quality infrastructure, which
will support Portugal Telecom's revenues in the future and help
to partially mitigate the negative effects of the weak
macroeconomic environment in Portugal; and (vi) the company's
strong liquidity, given that all of its cash needs through the
end of 2013 are pre-funded. The rating also reflects the severe
negative pressure on the company's top-line growth and the
increasing challenge to maintain stable cash-flow generation in
order to facilitate a further deleveraging. Portugal Telecom's
Ba1 rating, which is now positioned two notches above the
Portuguese sovereign rating, is now heavily constrained by the
sovereign rating in line with Moody's previously published
guidance for the most resilient companies. Moody's would normally
expect such companies to have a rating that is no more than two
notches higher than that of the government of the country in
which the majority of their business is located.
While acknowledging Portugal Telecom's business and geographical
diversification, its strong execution and its strong liquidity
profile, Moody's notes the company's limited ability to
disconnect itself from stresses in the debt market for Portuguese
issuers, as well as from local economic and regulatory
circumstances, which could worsen as a result of pressures on the
sovereign.
Moody's expects that Portugal Telecom will continue to take
measures to sustain its EBITDA margins through further cost
reductions, both in fixed and mobile telephony segments, as it
has done in the past, and to restrain capital spending if
necessary to sustain adequate levels of free cash flow. Given
Portugal Telecom's investments into the modernization of its
network and IT systems over the past two years, Moody's considers
that the company has substantial flexibility to cut capex.
The negative outlook reflects the potential negative pressure on
the Portuguese economy and its sovereign rating as well as
Moody's expectation that Portugal Telecom's financial ratios will
remain relatively constrained. In particular, the outlook
reflects (i) that Portugal Telecom does not currently benefit
from any headroom to absorb any increased competitive and/or
regulatory pressures; and (ii) weaker domestic consumer and
business spending, as a result of additional austerity measures
and structural reforms to be implemented in Portugal in the short
to medium term to address the country's budgetary and economic
problems.
What Could Move The Rating Up/Down
Moody's would consider downgrading Portugal Telecom's ratings if
it were to become concerned about the company's liquidity and
medium-term funding needs, and/or if the company's performance
were to deteriorate beyond current expectations. Specifically, a
downgrade could occur, for example, if (i) Portugal Telecom fails
to reduce debt and improve its credit metrics, such as adjusted
net leverage does not trend comfortably towards 2.5x over the
next couple of years; or (ii) if adjusted RCF/Net Debt does not
gradually improve towards the high twenties. Furthermore, Moody's
would most likely downgrade Portugal Telecom's ratings in the
event of any further downgrade of Portugal's sovereign ratings.
In line with the negative outlook, Moody's does not expect upward
pressure on Portugal Telecom's ratings in the short to medium
term. However, the outlook could be stabilized if Moody's were to
perceive a material improvement in the overall macroeconomic and
market conditions in Portugal, including a reduction in pressure
on revenues, supported by improving consumer trends and a more
benign competitive environment.
Domiciled in Lisbon, Portugal Telecom is the leading
telecommunications operator in Portugal, servicing 4.7 million
fixed lines, which includes one million ADSL retail connections.
In addition, Portugal Telecom had approximately 7.3 million
mobile phone customers as of September 2011. Furthermore,
Portugal Telecom has operations in other countries, including
Brazil, Cape Verde, East Timor, Angola, Macau, Sao Tome and
Principe, and Namibia. The company's annual revenues amounted to
EUR3.7 billion (excluding its Vivo and Oi operations) as of
December 2010.
Principal Methodology
The principal methodology used in rating Portugal Telecom was the
Global Telecommunications Industry Methodology published in
December 2010. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009.
RADIO E TELEVISAO: Moody's Lowers Corp. Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded by one notch the ratings
of two Portuguese government-related issuers (GRIs): Comboios de
Portugal EPE (CP) and Parpublica-Participacoes Publicas (SGPS),
SA (Parpublica). Concurrently, Moody's has affirmed the B1
ratings of Radio e Televisao de Portugal S.A. (RTP). The outlook
on all the affected ratings is negative.
The rating actions affected these entities:
- CP: Corporate family rating (CFR) and probability of default
rating (PDR) downgraded to B3 from B2
- Parpublica: CFR, PDR as well as senior unsecured bonds
downgraded to B2 from B1
- RTP: CFR, PDR and senior unsecured ratings affirmed at B1
All of the above GRIs have a very strong element of government
support incorporated into their ratings in accordance with
Moody's rating methodology for such entities.
These actions follow Moody's recent decision to downgrade the
rating of the government of the Republic of Portugal (RoP) to Ba3
with a negative outlook from Ba2.
Ratings Rationale
- DOWNGRADE OF CP
Moody's decision to downgrade CP follows the rating agency's
decision to downgrade the rating of the government of RoP to Ba3
with a negative outlook from Ba2, given the strong government
support that Moody's incorporates into its ratings for CP. The
rating agency had previously stated that a downgrade of the
sovereign rating would likely result in a downward movement of
CP's ratings.
CP has, to date, been able to roll over their short-term debt
maturities and has benefited from support from the government,
which Moody's expects to continue. However, this entity has some
of the largest debt maturities due over the next 12 months, which
renders it vulnerable to any negative developments given its very
weak standalone profile. Nevertheless, the downgrade of CP's
ratings was limited to one notch because Moody's expects banks to
extend CP's debt maturities, which are likely to be supplemented
where necessary with tangible financial support from the
government.
In accordance with Moody's GRI rating methodology, the B3 rating
of CP reflects the combination of the following inputs: (i) a
baseline credit assessment (BCA), which is a measure of the
company's standalone financial strength without the assumed
benefit of government support, of 20, (equivalent to Ca on
Moody's global ratings scale); (ii) the Ba3 local currency rating
of RoP; (iii) high support; and (iv) very high dependence.
The outlook on CP's rating is negative, reflecting the negative
outlook on the government of RoP's rating. Any further downgrades
of the government of RoP's rating would likely result in a
downwards movement in CP's rating. Furthermore, any evidence that
the provision of financial support from RoP would not be
forthcoming if required, would result in a downgrade of the
rating of CP. An upgrade of RoP's rating could exert upward
pressure on CP's rating, although Moody's does not currently
expect this given the negative outlook on the government of RoP's
rating.
- DOWNGRADE OF PARPUBLICA
As with CP, Moody's decision to downgrade Parpublica follows the
rating agency's decision to downgrade the rating of the
government of RoP to Ba3 with a negative outlook from Ba2. The
ratings agency had previously stated that a downgrade of the
sovereign rating would likely result in a downgrade of
Parpublica's ratings.
Parpublica's B2 rating reflects its nature as the government's
industrial holding arm in strategic companies and its role in
serving the government's political objectives. The B2 rating is
two notches below the sovereign bond rating, which reflects
Moody's determination of the rating through credit substitution
rather than through a more granular analysis. The use of credit
substitution in turn reflects Parpublica's ownership structure
(100% state owned) together with the very significant financial,
strategic and management control exerted by the government
(which, for example, appoints members of the management board and
audit committee). The rating also incorporates Parpublica's lack
of reliance on direct government funding, as well as the value of
its equity holdings versus its debt. Some of these equity
holdings, such as the stake in Energias de Portugal (EDP), were
recently sold for EUR2.7 billion, and others are in the process
of being sold as part of the government's need to raise cash. The
assets sold will most likely be replaced with other government-
owned assets. Moody's expects the government to decide soon how
much of the cash proceeds raised will be retained by Parpublica
for it to fund its future cash needs and how much will be up-
streamed to the government.
The outlook on the rating is negative, reflecting the negative
outlook on the government of RoP's rating. A further downgrade of
the rating of the government of RoP would likely result in a
downgrade of the rating of Parpublica. Furthermore, any evidence
that the provision of financial support from RoP would not be
forthcoming if needed, would result in a downgrade. In addition,
negative pressure could develop in the event of a weakening of
Parpublica's liquidity profile. In line with the recent downgrade
and negative outlook, Moody's does not expect positive pressure
to be exerted on the ratings in the short term. However, a
significant although unlikely upgrade in the rating of the
government of RoP could result in an upgrade of Parpublica's
ratings.
- AFFIRMATION OF RTP
Moody's decision to affirm RTP's ratings reflects Moody's
assessment of the company's financial profile following recent
debt repayments as well as clear expressions of support from the
government. As a result, the rating gap with the sovereign has
been reduced to one notch from two. Moody's notes that the
Portuguese government has included in the 2012 State Budget the
amounts outstanding under RTP's bank credit facility. This means
that the company's debt balance will be reduced by the same
amount, thus improving its financial profile. Moody's also notes
that the European Commission (EC) has confirmed that this
repayment of RTP's debt by the government would not constitute
state aid. In Moody's view, the inclusion of this debt repayment
in the State Budget is a demonstration of the high support
assumption embedded in RTP's B1 rating. These positive
considerations are tempered by the potential privatization of RTP
or one of its two channels, which, if implemented, could lead to
the loss of RTP's GRI status and the removal of its rating uplift
based on current government support.
RTP's B1 rating reflects the following combination of inputs: (i)
a BCA of 17 (Caa1 equivalent); (ii) the Ba3 local currency rating
of RoP; (iii) very high dependence; and (iv) high support. RTP's
credit quality relies primarily on the credit strength of its
100% owner, the Portuguese government, given that RTP would be
unviable with its current financial profile if it were to be
considered a standalone entity. Despite RTP's weak standalone
financial profile, the B1 rating nevertheless reflects the
company's continued close links with the government of RoP and
Moody's expectation that the government would step in with timely
extraordinary financial support if required, despite the lack of
an explicit guarantee.
The outlook on RTP's ratings is negative, reflecting the negative
outlook on the government of RoP's rating. While Moody's does not
consider it likely in the near term given the negative outlook on
the ratings, a significant upgrade in the rating of the
government of RoP could result in an upgrade of RTP. Moody's
could consider upgrading RTP's senior unsecured bank facility
rating to the sovereign rating level if the government were to
provide an explicit guarantee or equivalent measure.
The trajectory of RTP's ratings in the future could be affected
by any future downward moves in the rating of the government of
RoP. A weakening in the company's liquidity profile could also
exert downward pressure on the rating. Moreover, a partial sale
of the government's shareholding in RTP or any indication of a
change in the government of RoP's willingness/capacity to
intervene in a timely manner to support RTP in the event of need,
could cause further downward pressure on RTP's ratings bringing
the entity closer to its standalone credit quality.
Principal Methodologies
The principal methodology used in rating CP was the Global
Passenger Railway Companies Industry Methodology published in
December 2008. Other methodologies used include Loss Given
Default for Speculative-Grade Non-Financial Companies in the
U.S., Canada and EMEA published in June 2009 and the Government-
Related Issuers Methodology published in July 2010.
The principal methodology used in rating Parpublica was the
Government-Related Issuers: Methodology Update published in July
2010.
The principal methodology used in rating RTP was the Global
Broadcast Industry Methodology published in June 2008. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009 and the Government-Related Issuers
Methodology published in July 2010.
CP is the main railway operator in Portugal, controlling 90% of
the passenger market. The company is 100% owned by the Portuguese
government though the Ministry of Finance and in fiscal year 2010
reported revenues of EUR239 million.
Parpublica is a state-owned industrial holding company domiciled
in Lisbon, Portugal. Parpublica's main role is the management of
equity stakes held by the Portuguese state in Portuguese
companies of public or strategic interest in terms of the
restructuring of the corresponding sector. The Ministry of
Finance acts on behalf of the state in its capacity as sole
shareholder of Parpublica. As of December 31, 2011, the company's
largest holdings are in GALP Energia, Redes Energeticas Nacionais
(REN), TAP airline and ANA.
RTP is a corporation, duly incorporated under domestic law, and
therefore subject to standard Portuguese commercial law. RTP is
100% owned by the Portuguese state through the General
Directorate of Treasury and Finance, and has operated Portugal's
public service broadcasting channels under a concession from the
government since 1996.
* PORTUGAL: Moody's Reviews Covered Bond Ratings for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of various covered bonds issued by Portuguese banks. This
follows Moody's decision earlier this week to downgrade
Portugal's sovereign rating to Ba3 from Ba2, and to subsequently
initiate reviews for downgrade of the senior debt ratings of the
various Portuguese banks supporting the covered bond programs.
Ratings Rationale
The decision to place the Portuguese covered bonds on review for
downgrade was prompted by the negative effects on Moody's covered
bond analysis stemming from its recent downgrade of Portugal's
sovereign rating and the subsequently initiated reviews for
downgrade of the senior debt ratings of the Portuguese banks
supporting the covered bonds.
Any downgrade of the senior debt ratings of these banks would
negatively affect the covered bonds through their effect on both
the expected loss method and the timely payment indicator (TPI)
framework. Furthermore, the downgrade of the sovereign may also
affect the expected loss of the covered bonds and Moody's
application of the TPI framework.
- EXPECTED LOSS METHOD: As the issuer's credit strength is
incorporated into Moody's expected loss assessment, any downgrade
of the issuer's rating will increase the expected loss on the
covered bonds. Following the downgrade of the sovereign, Moody's
will also reassess potential collateral losses and the likelihood
that covered bonds may suffer a late payment following issuer
default as part of Moody's application of the TPI framework.
However, Moody's notes that issuers may be able to offset any
deterioration in the expected loss analysis if sufficient
collateral is held in the cover pool.
- TPI FRAMEWORK: The TPI framework will limit the covered bond
ratings to a certain number of notches above the senior debt
ratings of the banks supporting the covered bonds. This level is
determined by the relationship between the TPI, which is
currently deemed by Moody's to be "Very Improbable" for the
Portuguese covered bonds that have been placed on review in the
action, and the senior debt ratings of the banks supporting these
covered bonds. Moody's highlights that there are many factors
which may influence the application of TPIs, in particular for
sub-investment-grade-rated issuers and lower-rated countries. As
part of the review, Moody's will consider these factors,
including the impact of the sovereign downgrade on the
application of the TPI framework.
Moody's expects to maintain the review pending (i) the final
rating action on, or confirmation of, the issuer's rating; (ii) a
determination of over-collateralization levels consistent with
any downgraded issuer rating, in conjunction with the issuers'
willingness to provide further over-collateralization where
applicable; and (iii) a further assessment of the impact of the
sovereign downgrade on the expected loss of the covered bonds and
the application of the TPI framework.
Key Rating Assumptions/Factors
The ratings assigned by Moody's address the expected loss posed
to investors. Moody's ratings address only the credit risks
associated with the transaction. Other non-credit risks have not
been addressed, but may have a significant effect on yield to
investors. Covered bond ratings are determined after applying a
two-step process: expected loss analysis and TPI framework
analysis.
- EXPECTED LOSS: Moody's determines a rating based on the
expected loss on the bond. The primary model used is Moody's
Covered Bond Model (COBOL), which determines expected loss as (i)
a function of the issuer's probability of default (measured by
the issuer's rating); and (ii) the stressed losses on the cover
pool assets following issuer default.
- TPI FRAMEWORK: Moody's assigns a timely payment indicator (TPI)
which indicates the likelihood that timely payment will be made
to covered bondholders following issuer default. The effect of
the TPI framework is to limit the covered bond rating to a
certain number of notches above the issuer's rating.
Sensitivity Analysis
The robustness of a covered bond rating largely depends on the
credit strength of the issuer.
A multi-notch downgrade of the covered bonds might occur in
certain limited circumstances, such as (i) a sovereign downgrade
that negatively affects both the issuer's senior unsecured rating
and the TPI; (ii) a multi-notch downgrade of the issuer; or (iii)
a material reduction of the value of the cover pool.
As noted in Moody's Special Comment entitled "Rising Severity of
Euro Area Sovereign Crisis Threatens Credit Standing of All EU
Sovereigns" (28 November 2011), the risk of sovereign defaults or
the exit of countries from the euro area is rising. As a result,
Moody's could potentially lower the maximum achievable rating for
covered bonds transactions in some countries, which could in turn
result in rating downgrades.
Rating Methodology
The principal methodology used in these ratings was "Moody's
Approach to Rating Covered Bonds", published in March 2010.
===========
R U S S I A
===========
LEADER ZAO: Fitch Affirms 'BB-' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Russia-based asset management company
ZAO Leader's Long-term Issuer Default Rating (IDR) at 'BB-' with
a Stable Outlook. The Short-term IDR has been affirmed at 'B'.
At the same time, Fitch has withdrawn the ratings.
The affirmations reflect the company's still unleveraged balance
sheet and reasonable through-the-cycle performance. In addition,
the IDRs are supported by Leader's close relationship with its
key client, Gazfund, which has benefited the company's business
volumes and performance. Furthermore, Fitch believes there is a
significant possibility of liquidity support, in case of need,
from affiliated entities, including Leader's direct majority
shareholder, Insurance Company of Gas Industry SOGAZ (Insurer
Financial Strength Rating: 'BB+'/Stable).
At the same time, the IDRs also reflect Leader's limited third-
party franchise, and the potential for the company to become more
exposed to the business and political risks inherent in the
operations of its ultimate parent, Bank Rossiya (unrated), and
the bank's shareholders.
Leader currently has no debt, and its financial plan does not
envisage any borrowings. The company's equity/assets ratio was a
very high 93% at end-2011 (based on statutory accounts), with
liabilities comprising pre-paid management fees. During the past
three years, Leader has taken on financial obligations relating
to repo agreements and performance guarantees, but in each case
these were one-off, short-term transactions, and manageable in
size relative to the company's balance sheet.
Leader's asset management operations are heavily dependent on
Gazfund (a pension fund created by Gazprom ('BBB'/Stable)), which
accounted for the majority of assets under management and total
fee income during 2011. Leader's revenues fell by 49% in 2011
(based on statutory accounts) as a result of a reduction in fees
paid by Gazfund and weaker market performance. However, the
company still remained profitable, with a return on average
equity of 7% (2010: 26%).
Leader's equity base of RUB3.4 billion (US$110 million) at end-
2011 has been built up as a result of consistently solid
operating profits, supported by Gazfund fees and income earned on
the company's proprietary securities portfolio (which accounted
for 85% of assets at end-Q311). Internal capital generation is
likely to slow following the renegotiation of Gazfund's fees in
2011, and will be more dependent on the performance of the
securities book, cost controls and ability to attract new
clients.
To date, the majority of proprietary investments have been
moderate risk, primarily comprising bonds of leading Russian
companies. However, in 2010 the company also took on a large
non-core equity position; this was disposed of in 2011, although
cash payment for the asset is only due in 2012. In Fitch's view,
there is a high probability that this investment was undertaken
for the benefit of related parties.
Leader is 75% owned by SOGAZ, which in turn is indirectly 51%
owned by Bank Rossiya. Bank Rossiya is owned by a number of
private individuals, who in Fitch's view are politically well
connected, and the bank has acquired, through its subsidiaries,
substantial non-banking assets which potentially give rise to
material risks for all group entities. At the same time, Fitch
notes that to date Leader's balance sheet has only been used to a
limited extent to support broader group activities.
Fitch has withdrawn the ratings as Leader has chosen to stop
participating in the rating process. Therefore Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Leader.
VIMPELCOM LTD: Moody's Says Dispute Resolution is Credit Positive
-----------------------------------------------------------------
Moody's Investors Service has said that it views as credit
positive for VimpelCom Ltd. (Ba3, stable) the settlement of the
dispute between its major shareholders Telenor (A3, stable) and
Altimo, the telecoms investment arm of Russia's Alfa Group. This
follows the announcement by Telenor that it had purchased
234,000,000 preferred shares in VimpelCom from Weather
Investments II S.a.r.l. (Weather), controlled by Mr. Naguib
Sawiris, thereby increasing the Telenor's voting share in
VimpelCom to 36.36%. Simultaneously, Telenor has withdrawn all
its arbitration claims against Altimo.
In Moody's view, the resolution of the conflict is credit
positive for VimpelCom, as it eliminates lingering uncertainty
with regard to its shareholder structure, board composition,
strategy and corporate governance, paving the way for the
company's unimpeded development going forward.
While Moody's recognizes the decreased uncertainty over potential
corporate governance issues brought about by the resolution of
the shareholder conflict, high leverage and negative trends in
the VimpelCom's position in the core Russian market continue to
constrain the rating. Therefore, the news by itself has no
immediate impact on VimpelCom's rating.
Weather became the third shareholder in VimpelCom in 2011 when
VimpelCom acquired Orascom Telecom Holding and Wind
Telecomunicazioni (B1, stable) from Weather for cash/equity
consideration. As a result, Telenor's share decreased to 25.01%
from 36.03%, Altimo's to 31% (and subsequently to 25%) from
44.65%, and Mr. Sawiris became the largest voting shareholder
with 29.63%. This triggered a new round of shareholder conflict,
materializing in Telenor's lawsuits against Altimo and VimpelCom,
as well as heightened public concerns over corporate governance
at VimpelCom.
With the purchase of the preferred shares, Telenor restored its
shareholding in VimpelCom and became the largest voting
shareholder with a 36.36% stake. The remaining shares (voting
interest) in the company are now distributed as follows: Altimo -
- 25.00%, Weather -- 18.28%, Bertofan -- 5.99%, free float --
14.37%.
Following the settlement of the dispute, the shareholder
agreement between Telenor and Altimo in 2009 is no longer valid.
This enables the parties to expand VimpelCom's board of directors
from nine to eleven members, introducing two representatives from
Weather in addition to the current standing of three
representatives from Telenor, three representatives from Altimo
and three independent directors. In addition, there is now no
restriction on increasing either party's shareholding in
VimpelCom. In particular, Telenor might increase its stake
further by executing its right to purchase the remaining
71,000,000 VimpelCom preferred shares (3.44% of voting interest)
held by Weather, which have been formalized simultaneously with
the announced deal.
Domiciled in Bermuda, VimpelCom is a holding company for OJSC
Vimpel Communications (VimpelCom OJSC), Kyivstar, Wind
Telecomunicazioni S.p.A., and Orascom Telecom Holding S.A.E.,
with leading or strong positions in Russia, Ukraine, Kazakhstan,
Italy, Algeria, Pakistan, and operations in CIS countries,
Africa, South-East Asia and North America. In the first nine
months of 2011, VimpelCom generated US$14.4 billion in revenue
and US$5.9 billion in EBITDA. Russian VimpleCom OJSC and
Ukrainian Kyivstar, the major cash-contributing subsidiaries of
VimpelCom, generated US$8 billion in revenue and US$3.5 billion
in EBITDA in the same period.
=============================
S L O V A K R E P U B L I C
=============================
BRATISLAVSKA: Moody's Cuts Issuer Rating to 'Baa3'; Outlook Neg
---------------------------------------------------------------
Moody's Investors Service has downgraded to Baa3 from Baa2 the
issuer rating and to Aa3.sk from Aa2.sk the national scale rating
of Bratislavska vodarenska spolocnost, a.s. (BVS) and changed the
outlook to negative.
This rating action follows Moody's recent downgrade of the
ratings of Slovak municipalities, which in turn was triggered by
Moody's decision to downgrade the sovereign rating of the
Government of Slovakia to A2 from A1 and change its outlook to
negative, as announced on 13 February 2012.
Ratings Rationale
BVS's Baa3 rating incorporates a one-notch uplift to its
standalone credit quality that reflects Moody's assessment of a
high level of expected systemic support from its municipal owners
in the event of a distressed situation. The assumption of a high
level of support reflects the company's strategic importance,
continued 100% ownership by Slovak municipalities and the rating
agency's perception that the shareholders would be capable and
willing to act in unison so that decision making is not a
concern. Moody's has reduced the ratings uplift from two notches
to one to reflect the decline in credit quality of its
shareholders, as evidenced by the recent rating actions on the
Slovak municipalities, which suggests lower credit quality for
municipalities in Slovakia in general. BVS's standalone credit
quality evidenced by a baseline credit assessment (BCA) of 11,
which is equivalent to a Ba1 rating, remains unchanged.
At the same time, Moody's has downgraded BVS's national scale
rating to Aa3.sk from Aa2.sk, following the downgrade of BVS's
long-term issuer rating to Baa3 and in line with the mapping
incorporated within Moody's methodology for national scale
ratings.
What Could Change The Rating Up/Down
The change of outlook to negative on BVS's Baa3 issuer rating
reflects the negative outlook on the rating of the Government of
Slovakia and the fact that any downgrade in the rating of
Slovakia would likely result in a downgrade in the rating of BVS.
Positive rating pressure could develop if BVS were to maintain
strong financial metrics, supported by a reasonable growth in
tariffs that is sufficient to cover the company's expected
sizeable capital investments.
BVS is one of eight main water supply and sewage companies in
Slovakia. The company provides water supply and sewage services
to a population of around 700,000 within the area of Bratislava,
the capital city of Slovakia, and to 146 towns and villages in
the surrounding areas.
Principal Methodologies
In determining BVS's rating, Moody's has applied its "Rating
Methodology for Global Regulated Water Utilities", published in
December 2009, which identifies key areas of focus for assessing
the relative fundamental credit quality of regulated water. Also
used in the rating of BVS was "Government Related Issuers
Methodology", published in July 2010, and "Mapping Moody's
National Scale Ratings to Global Scale Ratings", published in
March 2011.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated
by a ".nn" country modifier signifying the relevant country, as
in ".mx" for Mexico. For further information on Moody's approach
to national scale ratings, please refer to Moody's Rating
Implementation Guidance published in March 2011 entitled "Mapping
Moody's National Scale Ratings to Global Scale Ratings.
VOLKSBANK SLOVENSKO: Fitch Downgrades Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has downgraded Slovakia-based Volksbank Slovensko
a.s.'s (VS) Long-term Issuer Default Rating (IDR) to 'BBB-' from
'BBB+', and its Short-term IDR to 'F3' from 'F2', resolving the
Rating Watch Negative (RWN) on these ratings. The Outlook is
Stable.
The rating action follows the announcement on February 15, 2012
of the completed sale of 100% in Volksbank International (VBI) by
Oesterreichische Volksbanken-Aktiengesellschaft (VBAG;
'A'/Stable) and its other shareholders to Sberbank of Russia
(Sberbank; 'BBB'/Stable). VBI, a management holding company
which combines banking operations in eight countries in central
and eastern Europe (CEE), holds a 93% stake in VS.
The downgrade of VS's IDRs reflects the lower Long-term IDR of
the new owner compared to the outgoing one, and hence lower
ability of the new owner to provide support. At the same time,
in Fitch's view, Sberbank's propensity to support is likely to be
high, given the full ownership of VBI, the small relative size of
its subsidiary and, hence, the cost of potential support and
significant potential reputational risks from a subsidiary
default.
At the same time, the one-notch difference between Sberbank's and
VS's Long-term IDRs reflects the cross-border nature of the
parent-subsidiary relationship, while Sberbank's expansion beyond
its core Russian market is yet to prove its high commercial
effectiveness and strategic importance in the longer term.
The Stable Outlook on VS's Long-term IDR reflects that on the
parent bank. Any change in Sberbank's Long-term IDR would
directly affect that of VS.
At end-H11, VS was the eighth-largest bank in Slovakia by total
assets, with a relatively small market share of below 3%. VS's
primary business focus is on small and medium-sized and retail
clients. It is mainly funded by client deposits and parent-
related funding, net of parent-related assets, was negligible at
end-2011.
The rating actions are as follows:
-- Long-term IDR: downgraded to 'BBB-' from 'BBB+', Outlook
Stable; off RWN
-- Short-term IDR: downgraded to 'F3' from 'F2'; off RWN
-- Support Rating: affirmed at '2'
-- Viability Rating: 'bb-'; Unaffected
=========
S P A I N
=========
FTYPYME TDA: Fitch Affirms Rating on Series 3SA Notes at 'BBsf'
---------------------------------------------------------------
Fitch Ratings has affirmed FTPYME TDA Sabadell 2 FTA's notes, as
follows:
-- EUR18,008,892 Series 1CA notes (ISIN ES0339844005): affirmed
at 'AA-sf', Outlook Stable
-- EUR24,405,344 Series 1SA notes (ISIN ES0339844013): affirmed
at 'AA-sf', Outlook Stable
-- EUR8,536,616 Series 2SA notes (ISIN ES0339844021): affirmed
at 'BBBsf', Outlook Stable
-- EUR5,955,779 Series 3SA notes (ISIN ES0339844039): affirmed
at 'BBsf', Outlook Negative
The affirmation reflects the transaction's stable overall
performance since the last rating action on December 19, 2011.
Current defaults in the underlined portfolio stand at EUR4.6
million and account for 8.4% of the outstanding balance. Loans
delinquent by more than 90 days stand at EUR1.0 million and by
more than 180 days at EUR0.595 million representing 1.8% and 1.1%
of the outstanding balance, respectively.
The transaction's documents indicate a monthly transfer of the
underlying loans' payments to the issuer's account held at Banco
Santander ('A'/Negative/'F1'), exposing the transaction to a
potential commingling credit loss in the event of a servicer
disruption. Fitch has received confirmation from the SPV
management company (Titulizacion de Activos Titulizacion SGFT)
that the frequency of the cash collection transfer is not going
to be increased. According to Fitch's Counterparty Criteria for
Structured Finance Transactions, the agency would usually
consider the commingling exposure, to an eligible counterparty
with a minimum rating of 'BBB+'/'F2' as immaterial, when this is
for a maximum period of two business days.
Fitch analyzed any potential commingling loss and drew confidence
from the subordination supporting the senior series 1CA and 1SA
notes as well as series 2SA notes. Since Banco de Sabadell, the
transaction's servicer is rated higher than series 3SA notes, the
agency considers that series 3SA notes will not experience any
commingling losses under a 'BB' rating stress scenario.
FTPYME TDA Sabadell 2, FTA is a cashflow securitization of loans
to small and medium sized Spanish enterprises (SMEs) granted by
Banco de Sabadell ('BBB+'/Rating Watch Negative/'F2').
* SPAIN: Moody's Says RMBS Performance Worsened Slightly in Dec.
----------------------------------------------------------------
The performance of the Spanish residential mortgage-backed
securities (RMBS) market slightly worsened in the fourth quarter
of 2011, according to the latest indices published by Moody's
Investors Service.
Moody's index of cumulative defaults increased slightly to 2.14%
of the original balance in December 2011, from 2.12% recorded in
September 2011. The 90+ day delinquency trend increased to 1.20%
of the current balance in December 2011, up from 1.11% in
September 2011 but well below the 2.39% peak reached in April
2009. However, April 2009 defaults were at 0.88% of the original
balance, which is much lower than current levels.
The reserve funds of 62 transactions are currently below their
target levels, of which 15 are fully drawn down. Eight deals have
breached their interest deferral triggers, affecting 14 tranches.
Moody's also notes that the annualized constant prepayment rate
(CPR) increased to 3.23% in December 2011, up from 3.08% in
September, but still notably lower than the CPRs recorded prior
to the euro area sovereign debt crisis, which were higher than
10%.
Moody's outlook for Spanish RMBS collateral performance is
negative. Moody's expects mortgage arrears to rise as more
borrowers become unemployed and house prices to continue their
falling trend in 2012 as the supply of housing outweighs demand.
Falling house prices will increase losses on foreclosed
properties.
On November 30, 2011, Moody's downgraded the ratings of 26
tranches and confirmed the ratings of six tranches across 18 RMBS
serviced by Catalunya Banc (Ba1/NP/E+ on review for downgrade).
This rating action followed the downgrade of Catalunya Banc to
Ba1 in March 2011 and reflects (i) the lack of a back-up servicer
in transactions serviced by Catalunya Banc, in order to support
payments on the rated tranches in the event of servicer
disruption; (ii) the increased commingling risk in the
structures; (iii) the failure of Catalunya Banc to find a
replacement swap counterparty in five of the transactions; and
(iv) the performance of the transactions to date.
On December 16, 2011, Moody's completed a performance review of
the Spanish RMBS market and updated its portfolio loss
assumptions on 67 transactions.
Moody's has also placed on review for downgrade the ratings of 47
tranches in 20 transactions because of worse-than-expected
collateral performance.
These rating actions reflect (i) the performance to date of the
affected transactions; (ii) the level of credit enhancement
supporting the notes; and (iii) Moody's negative outlook for
Spanish RMBS collateral.
Overall, Moody's currently rates 214 transactions in the Spanish
RMBS market, with a total outstanding pool balance of almost
EUR145 billion.
The rating agency's outlook for Spanish RMBS remains negative
(please refer to the report "EMEA ABS & RMBS Asset Performance
Outlooks -- July 2011 Update").
===========
S W E D E N
===========
SAAB AUTOMOBILE: Zhejiang Youngman Revises Takeover Offer
---------------------------------------------------------
According to Bloomberg News' Ola Kinnander, Svenska Dagbladet,
citing Zhejiang Youngman Lotus Automobile Co. CEO Pang Qingnian,
reports that Youngman made a revised offer for Saab Automobile on
Feb. 14.
The bid amount was not disclosed, Bloomberg notes.
Svenska Dagbladet says other sources put the bid amount at about
SEK2 billion, Bloomberg states.
As reported by the Troubled Company Reporter-Europe on Feb. 7,
2012, Reuters related that Youngman made a SEK3 billion
(US$446 million) offer for Saab which had drawn a cool response
from receivers. Reuters noted that a source with knowledge of
the situation said the receivers wanted bids for parts of Saab
rather than the whole business as that would raise more for
creditors.
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.
===========================
U N I T E D K I N G D O M
===========================
ADVANCED MEDIA: High Court Winds Down Firm Following Probe
----------------------------------------------------------
HOW-DO reports that Advanced Media Information Limited has been
wound down by the High Court following an investigation by the
Insolvency Service.
According to the report, AMI offered businesses and individuals
the chance to sell advertising space on touch-screen kiosks,
which were placed in hotel foyers. However, HOW-DO relates, the
company investigations unit of the Insolvency Service discovered
that the company failed to "maintain, preserve or deliver
adequate accounting recordings" to explain payments of GBP850,000
made to the company director, a former director and a senior
sales person. It had a turnover of GBP1.6 million.
HOW-DO says those who bought into the advertising franchise paid
between GBP10,000 and GBP20,000 in return for a right to sell the
space on 3 company-owned kiosks. Or they could pay a licence fee
of GBP10,000 for outright ownership of a kiosk. AMI took a
commission on the advertising.
The company was founded in 2007 and registered to an address in
Middleton. It claimed that just one of its "Virtual Concierge"
kiosks with 60 advertisers could generate an income of GBP44,500
every year. The Insolvency Service found that nobody achieved
this sum, with "some franchisees earning nothing at all from
their investment and that others had not even been provided with
a kiosk," the report notes.
"AMI promoted itself as something it was not, selling franchises
which did not deliver the advertised returns. The Insolvency
Service will pursue such companies and take steps to close them
down," the report quotes investigation supervisor Scott Crighton
as saying.
BOWMAN: Set to Appoint Administrator; 49 Jobs Affected
------------------------------------------------------
PeterboroughToday.co.uk reports that almost 50 workers have been
made redundant at Bowman which is set to appoint an
administrator.
Insolvency practitioners FRP Advisory LLP confirmed on Wednesday
that only a skeletal staff remains at the company, with 49
members of staff having lost their jobs, PeterboroughToday.co.uk
notes.
The directors of the firm have submitted a Notice of Intention to
Appoint Administrators to Court and it is expected that Evolution
Business Recovery Services will be appointed along with FRP as
joint administrators to the company, PeterboroughToday.co.uk
relates.
According to PeterboroughToday.co.uk, a spokesperson for FRP
Advisory LLP, said: "The directors of Bowman had sought to
restructure the company through a Company Voluntary Arrangement
(CVA) however the implementation of a CVA is no longer
achievable."
Bowman is a building firm based in Cherryholt Road, Stamford.
FOUR SEASONS: Rules Out Sale; In Debt Refinancing Talks
-------------------------------------------------------
Jennifer Thompson at The Financial Times reports that Four
Seasons has ruled out selling itself as the care homes group
examines options to refinance its debt before a September
deadline, saying it has seen a "high level" of interest among
potential lenders and new investors.
The company, the FT says, is looking at raising new equity from
existing shareholders and "potential funding" from new investors
as it looks to refinance GBP780 million in net debt.
Four Seasons, which expanded before the financial crisis, halved
its GBP1.6 billion debt through a debt-for-equity swap with
lenders in 2009, the FT recounts. However, the company believes
the reduced amount, which falls due in September, will still be
too much to refinance given the current weakness of the debt
market and said it was "considering alternative capital
structures" to bridge any funding gap, according to the FT.
Four Seasons declined to specify how much it might need to raise
beyond the debt market or identify potential lenders and
investors, the FT notes. The company, which is being advised by
Rothschild and Gleacher Shacklock, is aiming to have an agreement
on a solution with investors and creditors in place by May and
concluded by July, the FT discloses.
Four Seasons Health Care -- http://www.fshc.co.uk/-- is one of
the largest care home (nursing home) operators in the UK. The
company runs some 300 nursing homes, and its Huntercombe division
operates about eight specialized health care centers (which
provide mental health and rehabilitation services) in England,
Scotland, North Ireland, and the Isle of Man. Allianz Capital
Partners, the private equity arm of Allianz Group, acquired the
company from Alchemy Partners for GBP775 million in 2004.
HC WOLTON: Goes Into Liquidation Amid Alleged False Valuations
--------------------------------------------------------------
Mortgage Finance Gazette reports that surveyor and valuation
provider HC Wolton & Sons Ltd (Woltons) has been forced into
liquidation. This is due to escalating claims regarding alleged
false property valuations relating to years prior to 2007 when it
ceased trading, the report says.
According to the report, owner Spicerhaart said these spurious
claims have accelerated recently, spurred mostly by "no win, no
fee" lawyers seeking to take a punt on contesting valuations made
before the credit crunch.
Mortgage Finance Gazette relates that the nature of these claims,
relying on subjective property valuations made many years ago,
has resulted in a number of long and very costly legal cases with
associated legal fees often much larger than the claims
themselves.
Spicerhaart has endeavoured to settle legitimate claims over the
last five years on behalf of Woltons, despite Woltons being a
totally standalone subsidiary with no recourse to the assets of
the group, Mortgage Finance Gazette relays.
However, recent claims have increasingly been made at the
instigation of ambulance chasing lawyers rather than legitimate
claims from lenders, the report notes. The costs of dealing with
these claims have risen to astronomical proportions as lawyers
argue over the intricacies of the valuations made many years ago,
the report adds.
HC Wolton & Sons Ltd was bought by Spicerhaart in 1995 and ceased
trading in 2007 when Spicerhaart decided to refocus its surveying
and valuation business.
HEART OF MIDLOTHIAN: Future in Limbo Due to Unpaid Tax Bill
-----------------------------------------------------------
RIA Novosti reports that Heart of Midlothian plc owner Vladimir
Romanov said Wednesday that all wage arrears with the debt-
stricken Scottish club have been settled, but admitted to an
outstanding tax bill that threatens their future.
British tax authorities lodged a petition with a Scottish court
earlier this last week saying Hearts had eight days to settle the
bill, reported to be around GBP150,000 or face liquidation,
according to RIA Novosti.
"I don't know what's going on at Hearts, I'm not in Scotland at
the moment," Mr. Romanov told RIA Novosti. "All monies due to
the footballers have been paid. It's probably just that the tax
service hasn't been paid," he said.
Last week's ultimatum is the third move to wind up the club in
four months, the report notes. The club fended off liquidation
attempts in August, November and December after tax bills were
settled at the last minute, RIA Novosti relates.
Hearts said statement released Tuesday that the club was
'confident' the latest debt would be paid in time, the report
relays.
Hearts players have suffered late wages since October, add RIA
Novosti.
According to the report, Romanov put Hearts up for sale in
November along with Belarus' Partizan Minsk and Lithuanian side
FK Kaunas, saying he wanted to leave the football business and
buy a theater.
Heart of Midlothian plc, more commonly known as Hearts, is a
Scottish football club from Edinburgh who currently plays in
the Scottish Premier League.
HELLAS TELECOMMUNICATIONS: Chapter 15 Case Summary
--------------------------------------------------
Chapter 15 Petitioner: Andrew Lawrence Hosking
Carl Jackson,
as Joint Liquidators
Chapter 15 Debtor: Hellas Telecommunications (Luxembourg) II SCA
New Broad Street House, Suite 304
35 New Broad Street
London EC2M 1NH
Chapter 15 Case No.: 12-10631
Type of Business: The debtor is a company based in London that
provides mobile telecommunications services.
Chapter 15 Petition Date: February 16, 2012
Court: U.S. Bankruptcy Court
Southern District of New York (Manhattan)
Judge: Martin Glenn
Petitioners'
Counsel: Howard Seife, Esq.
CHADBOURNE & PARKE LLP
30 Rockefeller Plaza
New York, NY 10112
Tel: (212) 408-5361
Fax: (212) 541-5369
E-mail: hseife@chadbourne.com
Estimated Assets: More than $100,000,000
Estimated Debts: More than $100,000,000
The Debtor did not file a list of creditors together with its
petition.
RANGERS FC: SFA to Launch Investigation Into Financial Chaos
------------------------------------------------------------
Agence France-Presse reports that the Scottish Football
Association will be launching an investigation into the financial
chaos engulfing Rangers Football Club PLC after the Glasgow
giants went into administration.
A SFA statement said the investigation would scrutinize Rangers
affairs to determine whether there had been any breaches of the
organization's articles of association, according to AFP.
"We are concerned by the developing situation at the club and the
new information that has come to light since the appointment of
the club administrators, Duff and Phelps. . . . We now feel there
is no option but to undertake an independent inquiry to establish
the clear facts and to determine the extent of any possible rules
breaches," SFA said in statement obtained by the news agency.
The report notes that Scottish FA Chief Executive Stewart Regan
said he hoped the investigation would reach a swift conclusion.
AFP says that Rangers entered administration after it emerged the
club owed some GBP9 million in unpaid taxes which had accumulated
since Craig Whyte took over last year.
Rangers are also awaiting the verdict of a tax tribunal that
could leave the 140-year-old club with a bill of up to
GBP75 million, the report adds.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
RANGERS FC: Gets Several Expressions of Interest
-----------------------------------------------
BBC News reports that administrators for Rangers say there have
been "several expressions of interest from parties not connected
to the club".
"These will be subject to ongoing discussions and examined in the
forthcoming days," BBC quotes Paul Clark, of administrators Duff
and Phelps, as saying.
Mr. Clark, as cited by BBC, said that the prospect of liquidation
for the current Scottish champions was "not at all likely".
But he admitted that a lack of clarity on the club's finances was
a problem, BBC says. The club appointed administrators on
Feb. 14, with HMRC pursuing an unpaid GBP9 million tax bill
accrued since Craig Whyte assumed control at Ibrox last May, BBC
notes.
According to BBC, of the missing tax, Mr. Clark's colleague David
Whitehouse said: "They were deductions that were made at source
that were fundamentally used as a funding tool for the club. It's
something we need to look into."
The administrators stressed that Rangers will survive as a
football club, BBC relates.
Messrs. Clark and Whitehouse discussed the administration process
in detail but were unable to answer several of the questions put
to them about the club's finances, BBC discloses.
About Rangers Football Club
Rangers Football Club PLC -- http://www.rangers.premiumtv.co.uk/
-- is a United Kingdom-based company engaged in the operation of
a professional football club. The Company has launched its own
Internet television station, RANGERSTV.tv. The station combines
the use of Internet television programming alongside traditional
Web-based services. Services offered include the streaming of
home matches and on-demand streaming of domestic and European
games, which include dedicated pre-match, half-time and post-
match commentary. The Company will produce dedicated news
magazine and feature programs, while the fans can also access a
library of classic European, Old Firm and Scottish Premier League
(SPL) action. Its own dedicated television studio at Ibrox
provides onsite production, editing and encoding facilities to
produce content for distribution on all media platforms.
TRAVELODGE LTD: Seeks Financing From New York-Based Hedge Funds
---------------------------------------------------------------
Katie Linsell at Bloomberg News reports that Travelodge Ltd. will
get financing from two New York-based hedge funds as the company
restructures its debt.
According to Bloomberg, James Leviton, a spokesman for
Travelodge, said that Avenue Capital Group LLC and GoldenTree
Asset Management LP have underwritten a medium-term facility of
GBP60 million (US$95 million). The statement comes following a
report by the Sunday Times that the company had six weeks to
raise the money or it could face bankruptcy, Bloomberg notes.
"All the lenders are working together to find a sensible solution
to the debt structure," Bloomberg quotes Mr. Leviton as saying.
"Travelodge is not going into administration."
Mr. Leviton, as cited by Bloomberg, said that Avenue Capital and
GoldenTree, which have held Travelodge's debt since 2006, may ask
the senior lenders Royal Bank of Scotland Group Plc, Investec
Plc, Barclays Plc and Babson Capital Management LLC to
participate in the fundraising.
Travelodge Ltd. is a U.K. budget hotel chain owned by Dubai
International Capital.
WILTSHIRE HOTEL: Goes Into Administration, Seeks New Owner
----------------------------------------------------------
Emma Eversham at Big Hospitality News reports that the Inn at the
High Post is being run as a going concern until a new buyer is
found.
Joint receivers Greg Palfrey and Steve Adshead from the South
Coast office of accountancy and investment management group Smith
Williamson have employed a management team, used to turning
around struggling hotels, to oversee operations at the hotel
while a buyer is found, according to Big Hospitality News.
"The previous owner, like so many in the hotel industry, was
affected by the economic climate. However, there is potential
here to build up an excellent business," the report quoted Mr.
Palfrey as saying.
Big Hospitality News notes that bookings for the hotel and its
conference rooms remain unaffected by the move and Palfrey said
the management team would be doing everything to 'lay down
foundations for a thriving hotel' for its new owner.
Wiltshire Hotel, situated between Salisbury and Amesbury on the
A345, is close to the High Post Business Park and the Salisbury
Research Triangle.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT EO -5754285.05 165995618.1
CHRIST WATER TEC CWT EU -5754285.05 165995618.1
CHRIST WATER TEC CWTE IX -5754285.05 165995618.1
CHRIST WATER TEC CRSWF US -5754285.05 165995618.1
CHRIST WATER TEC CWT PZ -5754285.05 165995618.1
CHRIST WATER TEC CWT AV -5754285.05 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.05 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.05 165995618.1
KA FINANZ AG 3730Z AV -9072224.93 22043329918
LIBRO AG LIBR AV -110486314 174004185
LIBRO AG LIB AV -110486314 174004185
LIBRO AG LBROF US -110486314 174004185
LIBRO AG LB6 GR -110486314 174004185
S&T SYSTEM I-ADR STSQY US -38841439.5 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.5 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.5 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.5 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.5 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.5 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.5 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.5 182832494.8
SKYEUROPE SKYP PW -89480492.6 159076577.5
SKYEUROPE SKY PW -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.6 159076577.5
SKYEUROPE HLDG SKY EO -89480492.6 159076577.5
SKYEUROPE HLDG SKURF US -89480492.6 159076577.5
SKYEUROPE HLDG SKY EU -89480492.6 159076577.5
SKYEUROPE HLDG SKY AV -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.6 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.6 159076577.5
SKYEUROPE HLDG SKY LI -89480492.6 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.6 159076577.5
SKYEUROPE HLDG S8E GR -89480492.6 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.6 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.96 225769572.9
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BIO ANALYTICAL R 3723198Z BB -41974594.7 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.1 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.5 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.7 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.2 113270540
JULIE LH BVBA 3739923Z BB -32842124.6 159062205.9
KBC LEASE BELGIU 3723398Z BB -23567202.8 2856170076
KIA MOTORS BELGI 3729658Z BB -40305545.6 136441397.8
LAND VAN HOP NV 3727898Z BB -141334.296 138885001.8
SABENA SA SABA BB -85494497.7 2215341060
SAPPI EUROPE SA 3732894Z BB -119299290 158958659.1
SOCIETE NATIONAL 3726762Z BB -39045394.2 506987115.6
TELENET GRP HLDG T4I GR -346984203 4652950529
TELENET GRP HLDG TNET NQ -346984203 4652950529
TELENET GRP HLDG TNET BQ -346984203 4652950529
TELENET GRP HLDG TLGHF US -346984203 4652950529
TELENET GRP HLDG TNETGBP EO -346984203 4652950529
TELENET GRP HLDG TNETGBX EU -346984203 4652950529
TELENET GRP HLDG TNET S1 -346984203 4652950529
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TELENET GRP HLDG TNET EO -346984203 4652950529
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TELENET GRP HLDG TNETGBX EO -346984203 4652950529
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TELENET GRP HLDG TNET PZ -346984203 4652950529
TELENET GRP HLDG TNET EU -346984203 4652950529
TELENET GRP HLDG TNETUSD EU -346984203 4652950529
TELENET GRP HLDG TNET EB -346984203 4652950529
TELENET GRP HLDG TNET LI -346984203 4652950529
TELENET GRP HLDG 3218105Q IX -346984203 4652950529
TELENET GRP HLDG TNET BB -346984203 4652950529
TELENET GRP HLDG TNET QM -346984203 4652950529
TELENET-STRP TNETS BB -346984203 4652950529
TELENET-UNS ADR TLGHY US -346984203 4652950529
CROATIA
-------
BADEL 1862 DD BD62RA CZ -18974967.3 134189914.2
BRODOGRADE INDUS 3MAJRA CZ -5021629.8 841433084.3
MAGMA DD MGMARA CZ -14866765.1 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -83651540.4 109270884.7
OT-OPTIMA TELEKO OPTERA CZ -83651540.4 109270884.7
CYPRUS
------
LIBRA HOLIDA-RTS LBR CY -39648682.4 209021322.6
LIBRA HOLIDA-RTS LGWR CY -39648682.4 209021322.6
LIBRA HOLIDAY-RT 3167808Z CY -39648682.4 209021322.6
LIBRA HOLIDAYS LHGR CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG PZ -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EU -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS G LHG EO -39648682.4 209021322.6
LIBRA HOLIDAYS G LHGCYP EU -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG CY -39648682.4 209021322.6
LIBRA HOLIDAYS-P LBHG PZ -39648682.4 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG CKDH US -89435858.2 192305153
CKD PRAHA HLDG 297687Q GR -89435858.2 192305153
CKD PRAHA HLDG CKDPF US -89435858.2 192305153
CKD PRAHA HLDG CDP EX -89435858.2 192305153
CKD PRAHA HLDG CKDH CP -89435858.2 192305153
SETUZA AS 2994767Q EO -61453764.2 138582273.6
SETUZA AS SZA GR -61453764.2 138582273.6
SETUZA AS SETU IX -61453764.2 138582273.6
SETUZA AS SETUZA PZ -61453764.2 138582273.6
SETUZA AS 2994755Q EU -61453764.2 138582273.6
SETUZA AS 2994759Q EO -61453764.2 138582273.6
SETUZA AS SETUZA CP -61453764.2 138582273.6
SETUZA AS 2994763Q EU -61453764.2 138582273.6
SETUZA AS SZA EX -61453764.2 138582273.6
DENMARK
-------
AB-B NEW ABBN DC -101428499 298588010.2
AKADEMISK BOLDK ABB DC -101428499 298588010.2
CARLSBERG IT A/S 4503891Z DC -47938170.6 178077456.9
CIMBER STERLING CIMBE EU -5227729.37 192575897.9
CIMBER STERLING CIMBER BY -5227729.37 192575897.9
CIMBER STERLING CIMBER DC -5227729.37 192575897.9
CIMBER STERLING CIMBE EO -5227729.37 192575897.9
ELITE SHIPPING ELSP DC -27715991.7 100892900.3
FINANSIERINGSSEL 3977156Z DC -2410332.54 110737536.3
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GREEN WIND ENERG GWEUR EU -11320362.7 176234029.6
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HOLDINGSELSKABET BOHC IX -11320362.7 176234029.6
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ISS GLOBAL A/S 241863Z DC -9544026.55 7765217403
JEUDAN III A/S 3986972Z DC -58410839.7 261303346.9
NESTLE DANMARK A 3896690Z DC -31272771.8 160779148
OBTEC OBTEC DC -14819232 148553764.3
OBTEC OBT DC -14819232 148553764.3
OBTEC-NEW SHARES OBTECN DC -14819232 148553764.3
OBTEC-OLD OBTN DC -14819232 148553764.3
OSTERFALLEDPARKE 3985676Z DC -26063679.2 302533679.4
ROSKILDE BANK ROSK EO -532868841 7876687324
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ROSKILDE BANK ROSBF US -532868841 7876687324
ROSKILDE BANK RKI GR -532868841 7876687324
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ROSKILDE BANK ROSK EU -532868841 7876687324
ROSKILDE BANK ROSK DC -532868841 7876687324
ROSKILDE BANK-RT 916603Q DC -532868841 7876687324
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GREECE
------
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ITALY
-----
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JERSEY
------
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LUXEMBOURG
----------
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NETHERLANDS
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SWEDEN
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NORWAY
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PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.95 138751607.3
SEVAN MARINE ASA SVMRF US -173000000 962300032
SEVAN MARINE ASA SEVAN BY -173000000 962300032
SEVAN MARINE ASA SEVANEUR EU -173000000 962300032
SEVAN MARINE ASA SEVAN PZ -173000000 962300032
SEVAN MARINE ASA SEVANUSD EO -173000000 962300032
SEVAN MARINE ASA SEVAN EU -173000000 962300032
SEVAN MARINE ASA SEVANUSD EU -173000000 962300032
SEVAN MARINE ASA SEVANEUR EO -173000000 962300032
SEVAN MARINE ASA SEVAN GK -173000000 962300032
SEVAN MARINE ASA SEVAN SS -173000000 962300032
SEVAN MARINE ASA SEVAN EO -173000000 962300032
SEVAN MARINE ASA SVAN IX -173000000 962300032
SEVAN MARINE ASA SEVANGBX EU -173000000 962300032
SEVAN MARINE ASA 4SM GR -173000000 962300032
SEVAN MARINE ASA SEVAN EB -173000000 962300032
SEVAN MARINE ASA SEVAN NR -173000000 962300032
SEVAN MARINE ASA SEVANGBP EO -173000000 962300032
SEVAN MARINE ASA SEVAN QM -173000000 962300032
SEVAN MARINE ASA SEVAN NQ -173000000 962300032
SEVAN MARINE ASA SEVAN NO -173000000 962300032
SEVAN MARINE ASA SEVAN S1 -173000000 962300032
SEVAN MARINE ASA SEVANGBX EO -173000000 962300032
SEVAN MARINE ASA SEVAN TQ -173000000 962300032
SEVAN MARINE ASA SEMA NO -173000000 962300032
SEVAN MARINE-ADR SVMRY US -173000000 962300032
SEVAN MARINE-RTS 3328565Z NO -173000000 962300032
SEVAN-NEW SEVANN NO -173000000 962300032
SINGAPORE OFFSHO 4422313Z NO -62203.0437 104161346.4
STOREBRAND EIEND 4443409Z NO -40898583.7 1242265455
STOREBRAND EIEND 4288341Z NO -174025924 4173823457
TDC AS 4287413Z NO -83055193 129421953.7
TRICO SHIPPING A 3651167Z NO -132576808 504945402.2
TTS SENSE AS 4393841Z NO -8795315.49 159296793.9
UTKILEN SHIPPING 4446161Z NO -74871.0265 185813483
VNG NORGE AS 4513147Z NO -54874780.7 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.858 108090511.9
KROSNO KROS IX -2241615.44 111838141.2
KROSNO KRS LI -2241615.44 111838141.2
KROSNO KRS PW -2241615.44 111838141.2
KROSNO KRS1EUR EU -2241615.44 111838141.2
KROSNO KRS1EUR EO -2241615.44 111838141.2
KROSNO SA KRS PZ -2241615.44 111838141.2
KROSNO SA KRNFF US -2241615.44 111838141.2
KROSNO SA KRS1 EO -2241615.44 111838141.2
KROSNO SA KRS1 EU -2241615.44 111838141.2
KROSNO SA KROSNO PW -2241615.44 111838141.2
KROSNO SA-RTS KRSP PW -2241615.44 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241615.44 111838141.2
TOORA TOR PZ -288818.39 147004954.2
TOORA TOR PW -288818.39 147004954.2
TOORA 2916661Q EO -288818.39 147004954.2
TOORA 2916665Q EU -288818.39 147004954.2
TOORA-ALLOT CERT TORA PW -288818.39 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.4 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.3 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.2 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.47 115717930.4
CP - COMBOIOS DE 1005Z PL -3201667702 2260472073
ESTALEIROS NAVAI 4507307Z PL -99568225.9 221542111.7
FORD LUSITANA SA 3648983Z PL -7991062.86 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.2 440770232
HOSPITAL DO DIVI 3789932Z PL -75359385 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.21 425561447.8
LYCATELCOM LDA 4281821Z PL -8577510.56 109410577.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.93 199376769
RADIO E TELEVISA 1227Z PL -740710265 506160206.4
REFER-REDE FERRO 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.03 231656542.3
SERVICO DE SAUDE 3790200Z PL -142612999 625059071.4
SOCIEDADE DE REN 3776676Z PL -16169671 124492842.5
SOCIEDADE DE TRA 1253Z PL -368574770 153373893.3
SPORTING CLUBE D SCDF EU -65884328.1 251276323.4
SPORTING CLUBE D SCG GR -65884328.1 251276323.4
SPORTING CLUBE D SCPX PX -65884328.1 251276323.4
SPORTING CLUBE D SCP1 PZ -65884328.1 251276323.4
SPORTING CLUBE D SCDF EO -65884328.1 251276323.4
SPORTING CLUBE D SCP PL -65884328.1 251276323.4
SPORTING-SOC DES SCPL IX -65884328.1 251276323.4
SPORTING-SOC DES SCDF PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPDS PL -65884328.1 251276323.4
SPORTING-SOC-RTS SCPVS PL -65884328.1 251276323.4
TAP SGPS TAP PL -353957017 2789331398
TRANSGAS SA 3794668Z PL -2181404.7 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.2 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.9 178667412.9
OLTCHIM RM VALCE OLTCF US -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLTEUR EO -89344240.8 511515508.8
OLTCHIM SA RM VA OLT PZ -89344240.8 511515508.8
OLTCHIM SA RM VA OLT EU -89344240.8 511515508.8
OLTCHIM SA RM VA OLT RO -89344240.8 511515508.8
RAFO SA RAF RO -457922311 356796459.3
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -85016164.6 320054212.6
ALLIANCE RUSSIAN ALRT RU -15214295.8 144582050.8
AMO ZIL ZILL RM -204894835 401284636
AMO ZIL-CLS ZILL RU -204894835 401284636
AMO ZIL-CLS ZILLG RU -204894835 401284636
AMO ZIL-CLS ZILL* RU -204894835 401284636
AMTEL-POVOLZ-BRD KIRT RU -936614.549 142093264.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.549 142093264.3
BALTIYSKY-$BRD BALZ RU -880437.562 345435790.7
BALTIYSKY-$BRD BALZ* RU -880437.562 345435790.7
BALTIYSKY-BRD BALZ$ RU -880437.562 345435790.7
CRYOGENMASH-BRD KRGM* RU -22826264 214573431.2
CRYOGENMASH-BRD KRGM RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP* RU -22826264 214573431.2
CRYOGENMASH-PFD KRGMP RU -22826264 214573431.2
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.5 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.5 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.5 299864149.8
FINANCIAL LEASIN 137282Z RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RU -166377934 282903505.9
FINANCIAL LEASIN FLKO RM -166377934 282903505.9
FINANCIAL LEASIN FLKO* RU -166377934 282903505.9
GAZ GAZA$ RU -584751226 1478925024
GAZ GZAPF US -584751226 1478925024
GAZ-CLS GAZA* RU -584751226 1478925024
GAZ-CLS GAZA RM -584751226 1478925024
GAZ-CLS GAZA RU -584751226 1478925024
GAZ-CLS GAZAG RU -584751226 1478925024
GAZ-FINANS GAZF RU -56134.5126 232319905.4
GAZ-PFD GAZAP* RU -584751226 1478925024
GAZ-PFD GAZAP RU -584751226 1478925024
GAZ-PFD GAZAP RM -584751226 1478925024
GAZ-PFD GAZAPG$ RU -584751226 1478925024
GAZ-PFD GAZAPG RU -584751226 1478925024
GAZ-PREF GAZAP$ RU -584751226 1478925024
GAZ-US$ GTS GAZAG$ RU -584751226 1478925024
GRAZHDANSKIE SAM GSSU RU -47604998.4 1353823920
GUKOVUGOL GUUG RU -57835249.9 143665227.2
GUKOVUGOL GUUG* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.9 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.9 143665227.2
HALS-DEVEL- GDR 86PN LI -588515965 1446111954
HALS-DEVELOPMENT HALS RM -588515965 1446111954
HALS-DEVELOPMENT HALS TQ -588515965 1446111954
HALS-DEVELOPMENT HALS* RU -588515965 1446111954
HALS-DEVELOPMENT HALSG RU -588515965 1446111954
HALS-DEVELOPMENT HALSM RU -588515965 1446111954
HALS-DEVELOPMENT HALS LI -588515965 1446111954
HALS-DEVELOPMENT SYR GR -588515965 1446111954
HALS-DEVELOPMENT HALS RU -588515965 1446111954
IZHAVTO OAO IZAV RU -94100834 443610329.4
KHANTY MANSIYSK HMSR RU -7454032.63 143409366.2
KIROV TIRE PLANT KIRT$ RU -936614.549 142093264.3
KOMPANIYA GL-BRD GMST RU -1933849.29 1120076905
KOMPANIYA GL-BRD GMST* RU -1933849.29 1120076905
KUZNETSOV-BRD MTST RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP* RU -15938417.5 331074749.5
KUZNETSOV-BRD MTSTP RU -15938417.5 331074749.5
KUZNETSOV-BRD MTST* RU -15938417.5 331074749.5
M-INDUSTRIYA SOMI RU -1304109.98 267288804.8
MURMANSKAY MUGS RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP RM -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSP* RU -22867336.6 135442629.9
MURMANSKAYA-PFD MUGSPG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS* RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGSG RU -22867336.6 135442629.9
MURMANSKAY-CLS MUGS RU -22867336.6 135442629.9
NIZHMASHZAVO-BRD NMSZ RU -24657843.6 316480680.1
NIZHMASHZAVO-BRD NMSZ* RU -24657843.6 316480680.1
NIZHMASHZAVOD-BD NMSZ$ RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP RU -24657843.6 316480680.1
NIZHMASHZAVO-PFD NMSZP* RU -24657843.6 316480680.1
PENOPLEX-FINANS PNPF RU -839659.372 147052027.7
PIK GROUP PIKK RM -65334861 4000687446
PIK GROUP PIKK* RU -65334861 4000687446
PIK GROUP PIKKG RU -65334861 4000687446
PIK GROUP PIKK RU -65334861 4000687446
PIK GROUP-GDR PIK1 QM -65334861 4000687446
PIK GROUP-GDR PIQ2 GR -65334861 4000687446
PIK GROUP-GDR PKGPL US -65334861 4000687446
PIK GROUP-GDR PIK TQ -65334861 4000687446
PIK GROUP-GDR PIK LI -65334861 4000687446
PIK GROUP-GDR PIK IX -65334861 4000687446
PIK GROUP-GDR PIK EB -65334861 4000687446
PIK GROUP-GDR PIK EU -65334861 4000687446
PIK GROUP-GDR PIK1 EO -65334861 4000687446
PROMTRACTOR-FINA PTRF RU -27519567.1 259128529.5
RUSSIAN TEXT-CLS ALRTG RU -15214295.8 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.8 144582050.8
SEVERNAYA KAZNA SVKB* RU -65841686.2 279147750
SEVERNAYA KAZNA SVKB RU -65841686.2 279147750
SEVKABEL-FINANS SVKF RU -83036.4617 102680373.6
SISTEMA HALS-GDR HALS IX -588515965 1446111954
SISTEMA-GDR 144A SEMAL US -588515965 1446111954
URAL PLANT OF PR UZPOA RU -53649612.1 191579960.2
URALMASHPLAN-BRD URAM* RU -18423442.8 687183030.3
URALMASHPLAN-BRD URAM RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP* RU -18423442.8 687183030.3
URALMASHPLAN-PFD URAMP RU -18423442.8 687183030.3
URALSKIJ ZAVOD T URAM$ RU -18423442.8 687183030.3
URGALUGOL-BRD YRGL* RU -21554314.6 139319389.8
URGALUGOL-BRD YRGL RU -21554314.6 139319389.8
URGALUGOL-BRD-PF YRGLP RU -21554314.6 139319389.8
VIMPEL SHIP-BRD SOVP* RU -85016164.6 320054212.6
VIMPEL SHIP-BRD SOVP RU -85016164.6 320054212.6
VOLGOGRAD KHIM VHIM RU -55617131.4 157514787.8
VOLGOGRAD KHIM VHIM* RU -55617131.4 157514787.8
WILD ORCHID ZAO DOAAN RU -11716087.5 106082784.6
ZERNOVAYA KOMPAN ONAST RU -9609529.9 673952471.2
ZIL AUTO PLANT ZILL$ RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP RM -204894835 401284636
ZIL AUTO PLANT-P ZILLP RU -204894835 401284636
ZIL AUTO PLANT-P ZILLP* RU -204894835 401284636
SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
ISTRABENZ ITBG EU -3710053.92 1192276746
ISTRABENZ ITBG EO -3710053.92 1192276746
ISTRABENZ ITBG SV -3710053.92 1192276746
ISTRABENZ ITBG PZ -3710053.92 1192276746
SLOVENSKE ENERGE 1SES01A PZ -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EO -9037077.3 220365107.8
SLOVENSKE ENERGE SES02 EU -9037077.3 220365107.8
SLOVENSKE ENERGE SES SK -9037077.3 220365107.8
SLOVENSKE ENERGE SES EU -9037077.3 220365107.8
ZVON ENA HOLDING ZVHR PZ -304042299 774906694.2
ZVON ENA HOLDING ZVHR EO -304042299 774906694.2
ZVON ENA HOLDING ZVHR SV -304042299 774906694.2
ZVON ENA HOLDING ZVHR EU -304042299 774906694.2
SPAIN
-----
ACTUACIONES ACTI AGR SM -57871829.5 772519224.5
ADT ESPANA SERVI 3632899Z SM -26498520.4 149454497.1
AGRUPACIO - RT AGR/D SM -57871829.5 772519224.5
AIRBUS MILITARY 4456697Z SM -25409217.8 2875949470
AMCI HABITAT SA AMC1 EU -17516668.8 159378294.6
AMCI HABITAT SA AMC SM -17516668.8 159378294.6
AMCI HABITAT SA AMC3 EO -17516668.8 159378294.6
ATLANTIC COPPER 4512291Z SM -83118965.8 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.51 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BIMBO SA 3632779Z SM -6894386.12 162399487.1
BOSCH SISTEMAS D 4505475Z SM -295419978 205556877.2
BOUYGUES INMOBIL 3636247Z SM -13608696.3 203210905.9
CAIXARENTING SA 4500211Z SM -7390433 1722091946
CELAYA EMPARANZA 3642467Z SM -19428468.9 176340504.9
COPERFIL GROUP 704457Z SM -3700858.98 403826723
DINOSOL SUPERMER 397409Z SM -46517749.4 1134013519
ELECTRODOMESTICO 1035184Z SM -120690331 100540325.2
FABRICAS AGRUPAD 3638319Z SM -28683705 205880655
FACTORIA NAVAL D 3748456Z SM -91596638.8 155617881.8
FBEX PROMO INMOB 3745024Z SM -820001.031 1142937522
FERGO AISA -RTS AISA/D SM -57871829.5 772519224.5
FERGO AISA SA AISA EU -57871829.5 772519224.5
FERGO AISA SA AISA SM -57871829.5 772519224.5
FERGO AISA SA AISA EO -57871829.5 772519224.5
FERGO AISA SA AISA PZ -57871829.5 772519224.5
FMC FORET SA 3642299Z SM -135792007 150683418.5
GALERIAS PRIMERO 3281527Z SM -2731015.07 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.5 973735754.8
GE REAL ESTATE I 2814684Z SM -47072259.9 609515984.5
GENERAL MOTORS E 4286805Z SM -323089754 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.1 238237965.8
HIDROCANTABRICO 4456745Z SM -245397524 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.1 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.9 417379212.5
LA SIRENA ALIMEN 4375737Z SM -60779557.1 206592562.2
MARTINSA FADESA MFAD PZ -3783069373 5985477633
MARTINSA FADESA 4PU GR -3783069373 5985477633
MARTINSA FADESA MTF1 LI -3783069373 5985477633
MARTINSA FADESA MTF EU -3783069373 5985477633
MARTINSA FADESA MTF EO -3783069373 5985477633
MARTINSA FADESA MTF SM -3783069373 5985477633
MARTINSA-FADESA MTF NR -3783069373 5985477633
NYESA VALORES CO BES EU -208568794 658498551.2
NYESA VALORES CO BESS PZ -208568794 658498551.2
NYESA VALORES CO NYE TQ -208568794 658498551.2
NYESA VALORES CO BES TQ -208568794 658498551.2
NYESA VALORES CO NYE EO -208568794 658498551.2
NYESA VALORES CO 7NY GR -208568794 658498551.2
NYESA VALORES CO NYE EU -208568794 658498551.2
NYESA VALORES CO BES EO -208568794 658498551.2
NYESA VALORES CO BES SM -208568794 658498551.2
NYESA VALORES CO NYE SM -208568794 658498551.2
PANRICO SL 1087Z SM -372238070 1219319614
PLANES E INVERSI 3795524Z SM -72863651.9 220131915.6
PULLMANTUR SA 301590Z SM -74071248.9 168349823.1
RANDSTAD EMPLEO 4285885Z SM -58273106.5 432173483.1
REAL ZARAGOZA SA 4285533Z SM -26642893.2 155342765.2
RENTA CORP REN1GBP EO -55365883.4 289916358.5
RENTA CORP REN1 TQ -55365883.4 289916358.5
RENTA CORP REN1GBX EU -55365883.4 289916358.5
RENTA CORP REN1USD EO -55365883.4 289916358.5
RENTA CORP RTACF US -55365883.4 289916358.5
RENTA CORP REN SM -55365883.4 289916358.5
RENTA CORP REN1 EO -55365883.4 289916358.5
RENTA CORP REN1 EU -55365883.4 289916358.5
RENTA CORP RENS PZ -55365883.4 289916358.5
RENTA CORP REN1USD EU -55365883.4 289916358.5
RENTA CORP REN1GBX EO -55365883.4 289916358.5
RENTA CORP REAL REN/D SM -55365883.4 289916358.5
RESIDENCIAL MARL 4498347Z SM -8851230.87 106007591.2
REYAL URBIS SA REY1 EU -623464702 5520924982
REYAL URBIS SA REYU PZ -623464702 5520924982
REYAL URBIS SA REY SM -623464702 5520924982
REYAL URBIS SA REY1 EO -623464702 5520924982
SA DE SUPERMERCA 4373489Z SM -24370843.9 162576231.9
SOGECABLE MEDIA 3638359Z SM -2904934.27 176131882.6
SPANAIR 1174Z SM -224915086 350111493.1
SUPERMERCADOS CH 3635999Z SM -49108101.2 430829438.2
SUPERMERCADOS CO 4285781Z SM -6271873.08 110251382.6
TELEVISION AUTON 3772924Z SM -114641100 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.5 131213302.5
VIA OPERADOR PET 4510507Z SM -19240934.5 114265353.9
SWITZERLAND
-----------
ATTENDO AB 4452873Z SS -58148252.6 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.128 122777361.3
SWEDISH MA-RE RT SWMASR SS -271007468 2011731785
SWEDISH MAT-ADR 3053566Q US -271007468 2011731785
SWEDISH MAT-ADR SWMA GR -271007468 2011731785
SWEDISH MATCH SWD LI -271007468 2011731785
SWEDISH MATCH AB SWMA NQ -271007468 2011731785
SWEDISH MATCH AB SWMDF US -271007468 2011731785
SWEDISH MATCH AB SWMAEUR EO -271007468 2011731785
SWEDISH MATCH AB SWMA IX -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EO -271007468 2011731785
SWEDISH MATCH AB SWM VX -271007468 2011731785
SWEDISH MATCH AB SWMA EU -271007468 2011731785
SWEDISH MATCH AB SWM GR -271007468 2011731785
SWEDISH MATCH AB SWMA EO -271007468 2011731785
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THORN EMI-CDR THN NA -2265916257 2950021937
THORN EMI-REGD 1772Q GR -2265916257 2950021937
TIMES NEWSPAPERS 2343939Z LN -653746580 603467606.2
TOPPS TILES PLC TPT5 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT3 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT BQ -39843958.1 122386142.5
TOPPS TILES PLC TPT1 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT2 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT PO -39843958.1 122386142.5
TOPPS TILES PLC TPT8 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT IX -39843958.1 122386142.5
TOPPS TILES PLC TPT PZ -39843958.1 122386142.5
TOPPS TILES PLC TPT LN -39843958.1 122386142.5
TOPPS TILES PLC TPT4 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT EO -39843958.1 122386142.5
TOPPS TILES PLC TPT7 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT9 EO -39843958.1 122386142.5
TOPPS TILES PLC TPT10 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EU -39843958.1 122386142.5
TOPPS TILES PLC TPT EU -39843958.1 122386142.5
TOPPS TILES PLC TPT TQ -39843958.1 122386142.5
TOPPS TILES PLC TPTJY US -39843958.1 122386142.5
TOPPS TILES PLC TPT6 EO -39843958.1 122386142.5
TOPPS TILES PLC TPTGBP EO -39843958.1 122386142.5
TOPPS TILES PLC TPTEUR EO -39843958.1 122386142.5
TOPPS TILES PLC TPT S1 -39843958.1 122386142.5
TOPPS TILES PLC TPT VX -39843958.1 122386142.5
TOPPS TILES PLC TPTJF US -39843958.1 122386142.5
TOPPS TILES-NEW TPTN LN -39843958.1 122386142.5
TOTAL UK LTD 3897130Z LN -61225906.1 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411330 1254613472
TRINITY MIRROR P 1511258Z LN -138612681 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.96 2408518672
TUI UK LTD 1653824Z LN -913811299 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.9 206496365.3
UNIVERSAL LEASIN 2581586Z LN -28690420.2 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.8 120867289.2
UTC GROUP UGR LN -11904428.4 203548565
VANCO UK LTD 2784982Z LN -56556541 114635709.2
VINK HOLDINGS LT 4380233Z LN -13477348.3 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.3 109995632.6
VIRGIN MOB-ASSD VMOA LN -392165409 166070003.7
VIRGIN MOB-ASSD VMOC LN -392165409 166070003.7
VIRGIN MOBILE VMOB PO -392165409 166070003.7
VIRGIN MOBILE VMOB LN -392165409 166070003.7
VIRGIN MOBILE VGMHF US -392165409 166070003.7
VIRGIN MOBILE VMOB VX -392165409 166070003.7
VIRGIN MOBILE UEM GR -392165409 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616777 5155268566
VODAFONE UK CONT 1909662Z LN -36036445.4 241077469.5
VOLUTION GROUP L 4453393Z LN -44375617.5 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.8 572205624
WALES & WEST UTI 3688061Z LN -784167197 2080276139
WARNER ESTATE WNER IX -41311778.1 373214358.7
WARNER ESTATE WNER EO -41311778.1 373214358.7
WARNER ESTATE WNER EU -41311778.1 373214358.7
WARNER ESTATE WRL GR -41311778.1 373214358.7
WARNER ESTATE WNER PZ -41311778.1 373214358.7
WARNER ESTATE WNEHF US -41311778.1 373214358.7
WARNER ESTATE WNER VX -41311778.1 373214358.7
WARNER ESTATE WNER LN -41311778.1 373214358.7
WARNER ESTATE WNER PO -41311778.1 373214358.7
WARNER ESTATE WNERGBP EO -41311778.1 373214358.7
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.7 104022836.2
WEETABIX LTD-A WTB OF -397652100 909970808.9
WEETABIX LTD-A WEEBF US -397652100 909970808.9
WESCOT TOPCO LTD 4007020Z LN -28467510.9 115035189
WEST HAM UNITED 1275834Z LN -60233495.2 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.71 100781831
WHITE HART LANE 2004631Z LN -5246329.46 130633347.5
WIGHTLINK LTD 1385642Z LN -15131435.9 231775265.6
WINCANTON PL-ADR WNCNY US -290434319 1037176004
WINCANTON PLC WIN11 EO -290434319 1037176004
WINCANTON PLC WIN4 EO -290434319 1037176004
WINCANTON PLC WIN1GBP EO -290434319 1037176004
WINCANTON PLC WIN LN -290434319 1037176004
WINCANTON PLC WIN1 TQ -290434319 1037176004
WINCANTON PLC WIN13 EO -290434319 1037176004
WINCANTON PLC WIN1 EU -290434319 1037176004
WINCANTON PLC WIN1USD EO -290434319 1037176004
WINCANTON PLC WIN1EUR EO -290434319 1037176004
WINCANTON PLC WIN IX -290434319 1037176004
WINCANTON PLC WIN1 QM -290434319 1037176004
WINCANTON PLC WIN1 S1 -290434319 1037176004
WINCANTON PLC WNCNF US -290434319 1037176004
WINCANTON PLC WIN PZ -290434319 1037176004
WINCANTON PLC WIN1EUR EU -290434319 1037176004
WINCANTON PLC WIN12 EO -290434319 1037176004
WINCANTON PLC WIN6 EO -290434319 1037176004
WINCANTON PLC WIN1 BQ -290434319 1037176004
WINCANTON PLC WIN VX -290434319 1037176004
WINCANTON PLC WIN1USD EU -290434319 1037176004
WINCANTON PLC WIN1 EO -290434319 1037176004
WINCANTON PLC WIN10 EO -290434319 1037176004
WINCANTON PLC WIN PO -290434319 1037176004
WINCANTON PLC WIN1 NQ -290434319 1037176004
WINCANTON PLC WIN5 EO -290434319 1037176004
WINCANTON PLC WIN8 EO -290434319 1037176004
WINCANTON PLC WIN9 EO -290434319 1037176004
WINCANTON PLC WIN1 EB -290434319 1037176004
WINCANTON PLC WIN7 EO -290434319 1037176004
WINDSOR TELEVISI 1475394Z LN -249144874 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.5 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.2 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.2 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.9 276648958.8
YOUNG'S BLUECRES 1841386Z LN -46554226.4 279057376.4
ZURICH EMPLOYMEN 1292298Z LN -122911832 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 * * *