/raid1/www/Hosts/bankrupt/TCREUR_Public/120320.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, March 20, 2012, Vol. 13, No. 57
Headlines
F R A N C E
GROUPAMA SA: Fitch Keeps 'BB' Sub. Debt on Watch Negative
REXEL SA: Fitch Assigns 'BB' Rating to New US$300 Million Notes
G E O R G I A
GEORGIAN RAILWAY: S&P Raises Long-Term Currency Rating to 'BB-'
G E R M A N Y
OPERA GERMANY: S&P Lowers Rating on Class D Notes to 'B-'
SCHLECKER: Aims to Find Investor by End of May
SIAG SCHAAF: To File for Insolvency in Montabaur Court
SOLAR MILLENNIUM: Administrators Examine Further Damages Claims
G R E E C E
* GREECE: S&P Assigns 'CCC' Rating to New Bond Issues
I R E L A N D
CUSTOM HOUSE: Investors in Dispute with Liquidator Over Fees
ERC IRELAND: Moody's Changes Probability of Default Rating to Ca
STATIC LOAN: S&P Raises Rating on Class E Notes From 'B+'
L U X E M B O U R G
FOUR SEAS: Moody's Withdraws 'B1' Rating on US$125MM A Notes
N E T H E R L A N D S
ARES EUROPEAN: S&P Raises Rating on Class E Def Notes to 'CCC+'
CARLSON WAGONLIT: Moody's Affirms 'B2' CFR; Outlook Positive
P O R T U G A L
TERMINALES PORTUARIOS: S&P Rates US$110MM Sr. Sec. Notes 'BB'
R U S S I A
ALFASTRAKHOVANIE PLC: Fitch Affirms 'BB-' IFS Rating
CENTER-INVEST BANK: Moody's Issues Summary Credit Opinion
S P A I N
BANCAJA 10: S&P Lowers Rating on Class D Notes to 'CCC'
BANCO DE VALENCIA: Fitch Affirms 'BB-' Issuer Default Rating
T U R K E Y
FINANSBANK A.S.: Moody's Reviews 'Ba1' Sr. Unsec. Debt Ratings
TURK EKONOMI: Moody's Reviews 'D+' BFSR for Downgrade
U K R A I N E
* UKRAINE: S&P Affirms 'B+/B' Sovereign Ratings
* UKRAINE: Plans to Pay Creditors, Including IMF on Time
U N I T E D K I N G D O M
BRITISH MIDLAND: IAG Faces Lengthy EU Probe Into Takeover Bid
DECO 6: Fitch Downgrades Rating on Class D Notes to 'Csf'
RANGERS FOOTBALL: Administrators Extend Bid Deadline
VIRIDIAN GROUP: Fitch Upgrades Issuer Default Rating to 'BB-'
X X X X X X X X
* EUROPE: EU Plan for Orderly Wind-Up of Failing Banks Nears
* Large Companies with Insolvent Balance Sheets
*********
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F R A N C E
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GROUPAMA SA: Fitch Keeps 'BB' Sub. Debt on Watch Negative
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Fitch Ratings has affirmed Groupama S.A.'s and two of its core
insurance subsidiaries, Groupama GAN Vie and GAN Assurances'
Insurer Financial Strength (IFS) ratings at 'BBB'. Fitch has
also placed GAN Eurocourtage's 'BBB' IFS rating on Rating Watch
Evolving (RWE). The agency has withdrawn Groupama Transport's
rating as the company has merged with GAN Eurocourtage.
Fitch has also affirmed Groupama S.A.'s Long-term Issuer Default
Rating (IDR) at 'BBB-' and maintained its 'BB' subordinated debt
ratings on Rating Watch Negative (RWN). All rating Outlooks are
Negative.
The rating actions follow the publication by Groupama of a
EUR1.76bn loss for 2011. The loss primarily stemmed from write
downs on Greek debt and losses on holdings of equities. At 107%,
regulatory solvency is in line with Fitch's expectations,
marginally above the regulatory minimum.
The ratings reflect the substantial risks facing the insurer.
Forecasts of subdued economic growth in France, combined with
macroeconomic uncertainties create a difficult and potentially
volatile operating environment. Groupama's above average
exposure to risky asset classes means that its results are likely
to continue to be subject to material fluctuations. Solvency is
currently at the lower end of Fitch's median of 125% for
regulatory Solvency 1 capital for a 'BBB' rating category.
Planned actions should reinforce the company's capital base,
offering greater protection from market volatility but if this
fails to materialize, the company's financial flexibility could
be limited.
More positively, operating performance should remain solid. The
company reported improved underwriting profitability for 2011.
This better trend in earnings, combined with the results of a
cost cutting exercise, should support operating profit,
benefiting the rating. Groupama's insurance operations show a
large degree of business and risk diversification.
The placement of GAN Eurocourtage IFS rating on RWE reflects
uncertainties over the shareholding structure of the company and
will be resolved when there is greater clarity. Until then,
Fitch expects Groupama to continue to support GAN Eurocourtage.
The maintained RWN on the subordinated debt continues to reflect
Fitch's view of the increased risk of coupon deferral given the
marginal level of Groupama's regulatory solvency. Should the
group's regulatory solvency margin improve following the remedial
action being taken by management to strengthen capitalization,
the rating would likely be affirmed. However, if the group's
regulatory solvency margin continues to decline, or core group
ratings are further downgraded, Fitch would likely downgrade the
subordinated debt ratings.
The key rating triggers that could result in a further downgrade
include deterioration of the group's financial profile,
especially in terms of solvency, as well as its inability to
translate measures aimed at improving underwriting results into a
sustainable strong performance in non-life (combined ratio near
100%) and life (new business margin near 1%).
Fitch will continue to monitor Groupama's actions to reduce
exposure to financial markets volatility and to rebuild capital
adequacy via retained earnings and strategic decisions.
The ratings actions are as follows:
Groupama S.A.
-- IFS rating affirmed at 'BBB'; Outlook Negative
-- Long-term IDR affirmed at 'BBB-'; Outlook Negative
-- Subordinated debt 'BB'; maintained on RWN
-- Junior subordinated debt 'BB'; maintained on RWN
Groupama GAN Vie
-- IFS rating affirmed at 'BBB'; Outlook Negative
GAN Assurances
-- IFS rating affirmed at 'BBB'; Outlook Negative
GAN Eurocourtage
-- 'BBB' IFS rating placed on RWE
Groupama Transport
-- IFS rating withdrawn
REXEL SA: Fitch Assigns 'BB' Rating to New US$300 Million Notes
---------------------------------------------------------------
Fitch Ratings has assigned Rexel, SA's planned US$300 million
notes issue an expected senior unsecured rating of 'BB(exp)'.
The final ratings on the planned notes are contingent upon the
receipt of final documents conforming to information already
received by Fitch.
Fitch upgraded Rexel's Long-term Issuer Default Ratings (IDR) to
'BB' from 'BB-' on February 10, 2012. The Outlook is Stable.
The Short-Term IDR was affirmed at 'B'.
The notes, which are being issued under Reg S/ 144A distribution,
will be senior unsecured obligations of Rexel having the same
ranking, guarantee structure and substantially similar covenants
as the existing 8.25% senior notes due 2016 and 7% senior notes
due 2018 (both rated 'BB'). Fitch notes that Rexel's
securitization debt and debt incurred by non-guarantors of the
group represent 1.6x of total EBITDA. This is below the 2x
threshold that Fitch typically applies under its generic recovery
approach to avoid any subordination for unsecured bondholders.
The proceeds from the bonds will be used for general corporate
purposes including the refinancing of existing debt and funding
of bolt-on acquisitions.
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G E O R G I A
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GEORGIAN RAILWAY: S&P Raises Long-Term Currency Rating to 'BB-'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
and local currency rating on Georgian state-owned rail
infrastructure operator Georgian Railways LLC (GR) to 'BB-' from
'B+'. "We also affirmed the 'B' short-term rating on GR. The
outlook is stable," S&P said.
"The upgrade reflects our view that GR has improved its financial
risk profile by extending the timeline for its modernization
project. This lowers the risk of the company not being able to
repay its Eurobond due in 2015. We also understand that the
government of Georgia (BB-/Stable/B) has told GR it might provide
financial assistance for a project to build a rail route
bypassing the country's capital city Tbilisi, if it is needed.
GR's business risk profile has not changed and is still weak
because of the company's reliance on the cyclical commodity
business for most of its revenues. The company also relies on
transit traffic," S&P said.
"While we expect GR's funds from operations (FFO)-to-debt ratio
to exceed 45% and debt to EBITDA to be no higher than 1.6x in
2012-2013, we still believe the company will show negative free
operating cash flow throughout the same period. This reflects its
aggressive capital expenditure (capex) program, which it has
lengthened to enable better funding of its expenditures through
ongoing revenues. Most of this capex is still discretionary,
because the company could scale back or postpone most of the
investments if necessary," S&P said.
"We consider GR to be a government-related entity (GRE)," S&P
said. In accordance with S&P's criteria for GREs, S&P's view of
an "extremely high" likelihood of timely and sufficient
extraordinary government support is based on our assessment of
GR's:
* "'Critical' role for the Georgian government, given GR's
monopoly position as the manager and owner of the national
rail infrastructure and sole nationwide rail freight
provider," S&P said.
* "'Very strong' link with the Georgian government, given its
100% direct and indirect ownership of the company and the
government's role in appointing GR's key board members, and
our expectation that GR will not be privatized in the short
term," S&P said.
"We don't factor any uplift into the rating on GR to reflect the
'extremely high' likelihood of government support because we rate
GR at the same level as the sovereign," S&P said.
"The stable outlook reflects our belief that GR's financial risk
profile will not change in the next year," S&P said.
"The extension of GR's timeline for the modernization project has
improved the company's financial risk profile and liquidity
position. We would expect the company to continue maintaining a
close watch on its capex and to show it can extend and control
the capex if necessary, so that it maintains, or improves, its
current financial risk profile. We also expect GR to refrain from
distributing any dividends for as long as the repayment of its
Eurobond, or its refinancing for a longer period, has not been
resolved," S&P said.
"We would expect the company to maintain a debt-to-EBITDA ratio,
as we calculate it, of no more than 2x in coming years, which we
would view as commensurate with the current rating. A downgrade
of Georgia could have a negative effect on GR because of the
critical role of the company within the country. We would only
consider a positive action on GR if we upgraded Georgia," S&P
said.
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G E R M A N Y
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OPERA GERMANY: S&P Lowers Rating on Class D Notes to 'B-'
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Opera Germany (No. 2) PLC's class A, C, and D notes. "At the same
time, we affirmed our ratings on the class B and E notes," S&P
said.
"Opera Germany (No. 2) is a German single-loan commercial
mortgage-backed securities (CMBS) transaction, ultimately backed
by four German shopping centers. At closing in December 2006,
Opera Germany (No. 2) used the proceeds from issuing the notes to
acquire the senior portion of the loan. The loan is scheduled to
mature in October 2013 and the note maturity date is October
2014," S&P said.
"The rating actions follow our review of the credit quality of
the single loan backing the notes. We consider the four
properties backing the loan to be good-quality properties.
However, in our view, positive factors are outweighed by: the
short tail period (one-year), the amount of debt that will need
to be refinanced (more than EUR400 million) against a background
of constrained lending conditions within an uncertain commercial
real estate market. Considering these risks, we see potential
scenarios where the junior classes of notes would suffer
principal losses," S&P said.
THE LOAN
The note balance, at EUR560.0 million, has remained unchanged
since issuance. There is additional subordinated debt outside the
securitization.
The whole-loan was restructured in December 2009, following a
property revaluation that resulted in a 19% market-value decline
against the value at closing. Under this restructuring, the
transaction participants have agreed:
* An extension of the whole-loan maturity date to October 2013
from October 2011;
* An EUR82.0 million reduction in subordinated debt;
* A EUR63.5 million capital expenditure (capex) program until
April 2012 (primarily at Koe-Galerie), funded through a capex
facility (of EUR24.0 million) -- which is subordinated to the
senior loan -- additional equity injections, and loan-level
excess cash;
* The borrower hedging against interest-rate risk on the whole-
loan and on the capex facility, until October 2012;
* A suspension of the current whole-loan financial covenants
(whole-loan to value ratio of 92.5% maximum, and whole-loan
interest coverage ratio equal to or greater than 1.10x),
subject to the execution of refurbishment works by April 2012.
Although the covenants are still in suspension, the servicer
reported in January 2012 a senior interest coverage ratio of
1.57x and a senior loan-to-value ratio of 91.9%; and
* Diversion of excess cash from the sponsor to the senior loan
until the whole-loan and the capex facility are repaid in
full.
"If the loan defaults at its maturity date, in our view, the
one-year tail period may not be long enough to work out the
loan," S&P said.
THE LOAN COLLATERAL
The loan collateral consists of four cross-collateralized German
properties across the Rhein Ruhr region:
* Koe-Galerie,
* Rhein Ruhr Zentrum,
* Schwanenmarkt, and
* Opernpassage.
Most of the lettable space comprises local shopping centers.
Office spaces, parking spaces, and residential units constitute
the remainder.
"All of the centers are well-established within their respective
markets, in our view. The portfolio tenancy mix is diversified
and includes national and international retailers. The portfolio
cash flows are also granular; the top 10 tenants by rent account
for less than 33% of the overall income," S&P said.
"Nonetheless, the overall passing rent has deteriorated since
closing to EUR35.2 million from EUR40.1 million. This stems from
a number of factors: principally, the comprehensive refurbishment
works at the Koe-Galerie property and, to a lesser extent, a
slightly lower occupancy rate in the three other properties," S&P
said.
"The Koe-Galerie property's vacancy rate has increased to 40%
from 12% at closing following the departure of one significant
tenant, but also as part of the borrower's plan to refurbish the
center. The servicer has reported that those refurbishment works
are progressing well, and are due to finish in April 2012. Given
the good location of this property (in Dsseldorf), we envisage
that vacancy will decline with new lettings. Accordingly, we have
given credit to relettings in our analysis," S&P said.
"Our data on lease renewals for the three other properties
strongly suggest capacity to attract and keep tenants: The
portfolio weighted-average lease term has increased to 4.8 years
in January 2012, from 4.2 years at issuance in 2006," S&P said.
"We understand that the borrowers have started the marketing
process for selling the Opernpassege, Schwanenmarkt, and Rhein-
Ruhr-Zentrum properties, and that no updated property valuations
will be published during this sales process. Based on our
understanding of the transaction, proceeds of the sales would be
applied pro rata between the notes for the portion of the
allocated senior loan amount, with the release premiums being
allocated sequentially to the notes. Property sales would be
beneficial to the noteholders, particularly senior noteholders.
However, until material sales occur, this transaction still has
the risks associated with a short-tail period," S&P said.
RATING ACTIONS
"If the loan were to default at maturity, the priority of
payments would become fully sequential, in favor of the senior
notes. However, the servicer would only have one year to work out
the loan to meet the note obligations at maturity. We consider
that this short period would narrow the options available to the
servicer to work out the loan. We envisage scenarios where the
servicer would have to sell the properties at a discount to meet
payment by the note maturity date. In our opinion, this risk
outweighs the positive credit indicators, and is increasing as
the loan maturity approaches. Therefore, we have lowered our
ratings on the class A, C, and D notes to reflect this risk. We
have also affirmed our ratings on the class B and E notes because
our ratings on these notes already currently this risk. Our 'B-
(sf)' ratings on the class D and E notes reflect our view that
these classes of notes could suffer principal losses," S&P said.
"While we consider that the senior classes of notes will fully
repay at maturity, we are likely to lower our ratings on these
classes of notes as the note maturity date approaches (especially
if the loan defaults at maturity)," S&P said.
POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES
"Our ratings in this transaction are based on our criteria for
rating European CMBS. However, these criteria are under review,"
S&P said.
"As highlighted in the Nov. 8 Advance Notice of Proposed Criteria
Change, we expect to publish a request for comment (RFC)
outlining our proposed criteria changes for rating European CMBS
transactions. Subsequently, we will consider market feedback
before publishing our updated criteria. Our review may result in
changes to the ethodology and assumptions we use when rating
European CMBS, and consequently, it may affect both new and
outstanding ratings on European CMBS transactions," S&P said.
"Until such time that we adopt new criteria for rating European
CMBS, we will continue to rate and surveil these transactions
using our existing criteria," S&P said.
Standard & Poor's 17g-7 Disclosure Report
Sec Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Opera Germany (No. 2) PLC
EUR560 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A BBB+ (sf) A- (sf)
C BB- (sf) BB (sf)
D B- (sf) B (sf)
Ratings Affirmed
B BBB (sf)
E B- (sf)
SCHLECKER: Aims to Find Investor by End of May
----------------------------------------------
Reuters reports that Schlecker aims to find an investor by the
end of May.
"If everything goes according to plan, we can be done with the
investor process by the Pentecost holiday," Schlecker
administrator Arndt Geiwitz told weekly Wirtschafts Woche,
according to an excerpt of an article to be published on Monday.
Unlisted Schlecker, which competes with privately held peers
Rossmann and dm, filed for insolvency in January after struggling
to secure funds against a gloomy economic backdrop, Reuters
recounts.
Mr. Geiwitz said about two dozen potential investors had
expressed interest in Schlecker, and that negotiations will begin
once he makes a shortlist in the coming days, Reuters relates.
"The most appropriate investor would surely be someone who has
experience in retail and knows his way around the management
structure of medium-sized companies," Reuters quotes Mr. Geiwitz
as saying.
A spokesman for Geiwitz said on Saturday that the interested
parties include both financial and strategic investors, Reuters
notes.
The company, which owes suppliers including Unilever and Procter
& Gamble several hundred million euros, plans to cut about 12,000
jobs and shut more than 2,000 of its 5,400 stores, Reuters
discloses.
According to SeeNews, various German media reported that
Schlecker published on Wednesday a preliminary list of 2,000
stores which are destined to be closed as of March 24.
Schlecker is a German drugstore chain.
SIAG SCHAAF: To File for Insolvency in Montabaur Court
------------------------------------------------------
SeeNews reports that Siag Schaaf Industrie AG said on Friday it
will file for insolvency on Monday with the Regional Court in
Montabaur without disclosing any further details.
Headquartered in Dernbach, Germany SIAG Schaaf Industrie AG --
http://www.siag.de-- engages in the construction and engineering
business. It offers machine frames and tubular towers; and
pressurized steel components, road bearer, equipment for surface
mining, and special-purpose steel constructions, including
planning construction and statics. The company manufactures
silos, containers, and piping systems, such as silo- and silo
plant building, pipelines, power plants, girder masts, chimneys,
roof and wall paneling, and environment engineering.
SOLAR MILLENNIUM: Administrators Examine Further Damages Claims
---------------------------------------------------------------
SeeNews, citing daily Handelsblatt, reports that Volker Boehm,
insolvency administrator of Solar Millennium, is examining
further damages claims against former managers and supervisors of
the company.
As reported by the Troubled Company Reporter-Europe on March 9,
2012, following the initiation of insolvency proceedings for
Solar Millennium by the local Court of Fuerth, Dr. Jan Withag,
announced his resignation from his position as chairman of the
management board of Solar Millennium AG as well as from the
board of Solar Trust of America LLC and from the advisory board
of Flagsol GmbH. Dr. Withag also resigned from his management
roles at SMAGSOL GmbH, Solar Millennium Verwaltungs GmbH, Solanda
GmbH, Solar Millennium Beteiligungs GmbH, SM USA 1 GmbH as well
as from his post as director of Solar Millennium Inc.
Solar Millennium AG is an Erlangen-based solar company. It had
focused on developing solar-thermal plants in Europe and the U.S.
The Local Court of Fuerth initiated the insolvency proceedings
for Solar Millennium AG on Feb. 28.
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G R E E C E
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* GREECE: S&P Assigns 'CCC' Rating to New Bond Issues
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC' issue
rating to new bonds issued by Greece (SD) on March 12, 2012.
"The bond issuance follows the conclusion of the exchange offer
on Greek-law governed sovereign bonds, which included the
retroactive application of 'collective action clauses' into the
relevant bond documentation underlying the debt exchange offer.
We have assigned 'CCC' ratings to the new bonds and GDP-linked
securities," S&P said.
"Our sovereign credit ratings on Greece will remain at 'SD' until
the exchange of Greece's non-Greek-law governed bonds is
concluded, which we understand is to occur by April 11, 2012.
Following the exchange, we will likely consider Greece's
selective default to be cured and assign a forward-looking
sovereign credit rating of 'CCC' to Greece. It is Standard &
Poor's policy to reset a sovereign credit rating for a government
emerging from default at its forward-looking estimate of
creditworthiness. Standard & Poor's defines 'emergence from a
sovereign default (short of resuming payment on the defaulted
instrument)' as the successful completion of an exchange offer,
even if the non-participating creditor debt remains unpaid. At
this time the ratings on the original Greek bonds tendered in the
exchange will also be withdrawn," S&P said.
"The 'CCC' rating assigned to Greece's new bonds is constrained
by our view of Greece's uncertain economic growth prospects, what
we consider a weakening political consensus for ambitious and
largely unpopular reforms, and the still-large external and
fiscal debt burdens, even after the debt restructuring is
concluded. The rating also reflects our view of the sizable
implementation risks to the ambitious fiscal consolidation
targets under the second financial assistance program for Greece.
Our rating on Greece is supported by the increased average
maturity of the central government debt stock and the reduction
in debt servicing costs as a result of the exchange; and by the
recapitalization of the banks, which we believe should help to
maintain domestic depositor confidence. These factors have, in
our view, reduced the risk of a second debt restructuring in the
immediate future," S&P said.
"Our recovery rating of '4' for Greece remains unchanged,
indicating an estimated 30%-50% recovery by bondholders," S&P
said.
RATINGS LIST
New Rating
Greece (Hellenic Republic)
Senior Unsecured CCC
Recovery Rating 4
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I R E L A N D
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CUSTOM HOUSE: Investors in Dispute with Liquidator Over Fees
------------------------------------------------------------
Sarah-Jane Nally at InsolvencyJournal.ie reports that investors
of Custom House Capital, which went into liquidation on
October 21, 2011 has been in heated debate with the official
liquidator over management fees to Horwath Bastow Charleton.
The fee to be believed in the region of EUR225,000 was for the
accountancy firm to review the assets and other funds tied up
such as cash, shares, bonds and property investments,
InsolvencyJournal.ie discloses. The official liquidators,
Kiernan Wallace, of KPMG wrote to investors to brief them of a
0.5% change to their accounts which would take affect as of
January 20, 2012, InsolvencyJournal.ie relates.
The funds from these segregated accounts would not be borne into
the liquidation and would benefit the clients rather than the
creditors, InsolvencyJournal.ie notes. At the Examiners court on
March 12, 2012, the Liquidator informed the court that 60
investors out of 678 have already agreed to pay,
InsolvencyJournal.ie discloses.
According to InsolvencyJournal.ie, the presiding judge Ms.
Justice Mary Finlay Geoghegan requested the Liquidator to bring a
motion setting out why Howrath is entitled to the fees. This
point is likely to be heard in April, InsolvencyJournal.ie
states.
Custom House Capital is an investment firm.
ERC IRELAND: Moody's Changes Probability of Default Rating to Ca
----------------------------------------------------------------
Moody's Investors Service has changed to Ca/LD the probability of
default rating (PDR) of ERC Ireland Finance Ltd (ERCIF), an
indirect parent company of eircom Group Ltd (eircom), following
the coupon payment default on the EUR350 million worth of
floating-rate notes (FRNs) due 2016 issued by ERCIF. By Moody's
definition, the failure to make timely interest payments
constitutes a limited default (/LD).
The following ratings remain unchanged:
(i) ERCIF's CFR: Caa3
(ii) ERCIF's EUR350 million worth of FRNs due 2016: C/Loss Given
Default (LGD) assessment of LGD5.
(iii) The EUR3.3 billion senior secured facility of ERC Ireland
Holdings Ltd (ERCIH): Caa2/LGD2.
(iv) ERCIH's EUR350 million second-lien term loan: C/LGD5.
The outlook on all ratings is negative.
RATINGS RATIONALE
The assignment of the "/LD" to the PDR follows the payment
default on the coupon of the FRNs that was due on February 15,
2012. In line with Moody's methodology, the rating action has
been taken at the end of the 30-day grace period. Moody's expects
to remove the "/LD" suffix after approximately three business
days.
eircom continues to work with its senior lenders on the balance-
sheet remediation process. On March 14, 2012, eircom announced
that it is in principle supportive of a revised proposal
submitted by its first lien lenders, although the specific
details remain confidential at this stage. In addition, the
company confirmed that the board of directors has rejected the
indications of interest in response to the sale process initiated
in January 2012.
The negative outlook reflects the residual uncertainty regarding
the possibility that a consensual agreement between eircom and
its lenders on the restructuring of its debt could be further
postponed or may not be reached, potentially leading to lower
debt instrument recovery rates.
Subsequent to any future restructuring, Moody's would expect to
upgrade the ratings of eircom to reflect the company's materially
reduced debt burden. It is not yet possible to opine definitively
on post-restructuring ratings given that the terms of any
restructuring, as well as eircom's subsequent liquidity profile,
are unclear. However, Moody's believes that the turnaround of
eircom's business and financial performance will be very
challenging, particularly given the current economic uncertainty
in Ireland.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Moody's would consider downgrading the ratings if eircom's
discussions with lenders were to conclude with a debt
restructuring involving a larger-than-expected discount on debt
components of the company's capital structure.
Upward pressure on the ratings is unlikely over the short term,
given the negative outlook. However, Moody's could upgrade the
ratings if the final debt instrument recovery rates were higher
than those embedded in the current rating levels.
PRINCIPAL METHODOLOGY
The principal methodology used in rating ERC Ireland Finance Ltd
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.
ERCIF is a holding company of eircom, the principal provider of
fixed-line telecommunications services in Ireland and the third-
largest mobile operator in the country. In the year ended
June 30, 2010, eircom generated revenues of EUR1.82 billion and
adjusted EBITDA (as reported by the company) of EUR679 million.
The company has not yet reported its full-year audited results
for the year ended June 30, 2011.
STATIC LOAN: S&P Raises Rating on Class E Notes From 'B+'
---------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Static Loan Funding 2007-I Ltd.'s class A, B, C, D, and E notes.
"The rating actions follow our assessment of the transaction's
performance, taking into account recent developments in the
transaction," S&P said.
"For our review of the transaction's performance, we used data
from the trustee report dated Jan. 31, 2012, in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.
"From our analysis, we have observed that the credit quality of
the portfolio has improved since we last reviewed the
transaction. We have observed a significant decrease in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') in the performing portfolio
to 2.99% from 7.66%, and a slight increase in the proportion of
defaulted assets to 3.67% from 1.37% (rated 'CC', 'SD' [selective
default], and 'D')," S&P said.
Static Loan Funding 2007-I is a static collateralized loan
obligation (CLO), and 60% of its class A notes have already
amortized.
"The credit enhancement for all classes of notes, and the
weighted-average spread earned on the collateral pool, have
increased to 2.59% from 2.45%, which in our view supports higher
ratings on all classes of notes," S&P said.
"In addition, our analysis indicates that the weighted-average
maturity of the portfolio since our last transaction update has
decreased to 3.18 years from 5.33 years. This decrease, combined
with the decrease in 'CCC' rated assets, has led to a reduction
in our scenario default rates for all rating categories," S&P
said.
"We subjected the capital structure to a cash flow analysis to
determine the break-even default rates. In our analysis, we used
the reported portfolio balance that we consider to be performing
(equal to EUR 250 million), the principal cash balance (equal to
EUR15 million), the current weighted-average spread, and the
weighted-average recovery rates that we considered to be
appropriate. We incorporated various cash flow stress scenarios
using various default patterns, levels, and timings for each
liability rating category, in conjunction with different interest
rate stress scenarios. We took into account the potential impact
of spread and recovery compressions in our analysis as the
portfolio is static and has already significantly amortized," S&P
said.
"Non-euro assets denominated in U.S. dollars and British pound
sterling account for 18.60% of the underlying portfolio. Static
Loan Funding 2007-I has hedged against the resulting foreign
currency risk via perfect asset swaps with JP Morgan Chase Bank,
N.A. (A+/Stable/A-1) as swap counterparty. We have also stressed
the transaction's sensitivity to-and reliance on-the swap
counterparty, especially for senior classes of notes rated higher
than JP Morgan Chase Bank, by applying foreign exchange stresses
to the notional amount of non-euro assets. Our analysis showed
that the class A and B notes could withstand a 'AAA' stress under
these conditions, whereas the class C notes, which would
otherwise pass at a 'AA+' rating level, could withstand AA
stress," S&P said.
"Taking into account our credit and cash flow analyses and also
our 2010 counterparty criteria, we consider the credit
enhancement available to all rated notes to be commensurate with
higher rating levels. We have therefore raised our ratings on all
classes of rated notes in this transaction," S&P said.
"None of the notes was constrained by the application of the
largest obligor default test, a supplemental stress test we
introduced in our 2009 criteria update for corporate
collateralized debt obligations (CDOs)," S&P said
Standard & Poor's 17g-7 Disclosure Report
Sec Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Static Loan Funding 2007-I Ltd
EUR500 Million Short-Dated Cash Flow CLO
Ratings Raised
A AAA (sf) AA (sf)
B AA+ (sf) A+ (sf)
C AA- (sf) BBB+ (sf)
D A+ (sf) BB+ (sf)
E BBB- (sf) B+ (sf)
===================
L U X E M B O U R G
===================
FOUR SEAS: Moody's Withdraws 'B1' Rating on US$125MM A Notes
------------------------------------------------------------
Moody's Investors Service has withdrawn the B1(sf) rating of the
transaction following amendments to the terms of the transaction
that lowered the coupon rate and extended the transaction
maturity to May 2, 2012 from March 15, 2012, which were executed
on March 8, 2012. Under the amendments, the maturity could be
extended further but to no later than June 30,2012. The
amendments reduced the interest rate payable on the notes to 4%
from 7.165%, starting on the amendment date.
Issuer: Four Seas S.A.
US$125M A Notes, Withdrawn; previously on Jan 20, 2012
Downgraded to B1(sf)
Moody's has withdrawn the transaction rating following its debt
restructuring, according to the rating agency's "Policy for
Withdrawal of Credit Rating", effective September 9, 2011.
Moody's considers the amendment to satisfy the conditions of a
distressed debt exchange: (i) it was designed to avoid a payment
default on the notes and (ii) it results in a shortfall to
investors as compared to the initial promise.
However, Moody's considers the shortfall to be minimal and
consistent with the rating of the notes immediately before
withdrawal. A rating of B1(sf) is consistent with expected losses
of no more than 1% under the Rating Implementation Guidance
"Moody's Approach to Rating Structured Finance Securities in
Default," published in November 2009.
Four Seas S.A. is an asset-backed securities (ABS) transaction
backed by the selling company's rough and polished gem diamond
inventories located mainly in Belgium, accounts receivables, and
a cash reserve account.
=====================
N E T H E R L A N D S
=====================
ARES EUROPEAN: S&P Raises Rating on Class E Def Notes to 'CCC+'
---------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on Ares European CLO III B.V.'s outstanding EUR329.43
million notes.
Specifically, S&P:
-- raised its ratings on the class A3, C def, and E def notes;
And
-- affirmed its ratings on the class A1 VFN, A2, B, and D def
notes.
"These rating actions follow our assessment of the transaction's
performance, as well as the application of our relevant criteria
for corporate collateralized debt obligations (CDOs)," S&P said.
"For our review of the transaction's performance, we used data
from the trustee report dated Feb. 3, 2012, in addition to our
cash flow analysis. We have taken into account recent
developments in the transaction and have applied our 2010
counterparty criteria, as well as our cash flow criteria," S&P
said.
"From our analysis, we have observed that the credit quality of
the portfolio has generally improved since we last reviewed the
transaction. We have also observed a decrease in the proportion
of defaulted assets (those rated 'CC', 'SD' [selective default],
and 'D') to 0.57% from 1.93%, and in the proportion of assets
that we consider to be rated in the 'CCC' category ('CCC+',
'CCC', and 'CCC-') to 2.90% from 4.40%. At the same time, we have
observed an increase in the weighted-average spread being earned
on the assets, to 3.18% from 2.80%. We have also observed a
marginal increase in overcollateralization. These factors, in our
view, support higher ratings on the class A3, C def, and E
notes," S&P said.
"We have subjected the capital structure to a cash flow analysis
to determine the break-even default rate for each rated tranche
at each rating level. In our analysis, we have used the portfolio
balance, weighted-average spread, and weighted-average recovery
rates that we consider to be appropriate. We have incorporated
various cash flow stress scenarios, using alternative default
patterns, levels, and timings for each liability rating category
(i.e., 'AAA', 'AA', and 'BBB' ratings), in conjunction with
different interest rate stress scenarios and foreign exchange
stresses," S&P said.
"Ares European CLO III has entered into hedge agreements--
currency options and perfect asset swaps--to mitigate currency
risks in the transaction. We have applied our 2010 counterparty
criteria and, in our view, the hedge agreements do not entirely
reflect these criteria. Considering this, we have assessed our
ratings, taking into account the transaction's exposure to
counterparties and the potential impact if they did not perform.
After our assessment, we have concluded that the ratings on the
class A1 VFN and A2 notes would not be affected by the non-
performance of either of the hedge counterparties. We have
therefore affirmed our 'AA+ (sf)' ratings on the class A1 VFN and
A2 notes," S&P said.
"Our cash flow stresses support a rating higher than 'AA-' for
the class A3 notes. However, under our 2010 counterparty
criteria, the highest rating that the hedge counterparty can
support is 'AA-'. Therefore, we have raised our rating on the
class A3 notes to 'AA- (sf)' from 'A+ (sf)'," S&P said.
"We have also applied the largest obligor default test, a
supplemental stress test that we introduced as part of our
criteria update, and the largest industry default test, another
of our supplemental stress tests," S&P said.
"Considering all of these factors, we have raised our ratings on
the class A3, C def, and E def notes because our analysis
indicates that the credit enhancement available to each tranche
is commensurate with higher ratings than previously assigned,"
S&P said.
"We have also affirmed our ratings on the class B and D def
notes, to reflect our view that these tranches have adequate
credit enhancement to maintain their current ratings. The rating
affirmations on these notes are commensurate with the cash flow
stresses in our analysis," S&P said.
"The cash flow stresses support a higher rating on the class E
def notes; however, the supplemental test restricts the rating on
the class E def notes at 'CCC+ (sf)'. Therefore, we have raised
our rating on the class E notes to 'CCC+ (sf)," S&P said.
Ares European CLO III is a cash flow collateralized loan
obligation (CLO) transaction that securitizes loans to primarily
speculative-grade corporate firms.
Standard & Poor's 17g-7 Disclosure Report
Sec Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Ares European CLO III B.V.
EUR356.5 Million Secured Floating-Rate Notes
Ratings Raised
A3 AA- (sf) A+ (sf)
C def BBB+ (sf) BBB (sf)
E def CCC+ (sf) CCC- (sf)
Ratings Affirmed
A1 VFN AA+ (sf)
A2 AA+ (sf)
B A- (sf)
D def BB+ (sf)
CARLSON WAGONLIT: Moody's Affirms 'B2' CFR; Outlook Positive
------------------------------------------------------------
Moody's Investors Service changed the outlook to positive from
stable for all the ratings of Carlson Wagonlit B.V.'s (CWT) and
its related entities. At the same time, the rating agency
affirmed CWT's Corporate Family Rating (CFR) and the Probability
of Default Rating, which remain unchanged at B2. The B1 rating
(LGD3) of CWT's overall US$850 million senior secured bank
facilities and the Caa1 rating (LGD5) of the EUR285 million
senior floating rate notes due 2015 issued by Carlson Wagonlit
B.V. are also unchanged.
Ratings Rationale
The change to a positive outlook is driven by CWT's good
operating performance in financial year (FY) 2011 as the
company's business travel services benefited from a continued
pick-up in both transactions volume and pricing. Despite strong
competition, which has placed pressure on pricing in past years,
the company reported an improvement in its reported FY 2011
EBITDA margin to 14.1% from 13.8% the previous year. As a result
of the increase in net revenues and operating profits combined
with a reduction in debt, CWT's leverage, defined as debt/EBITDA
(as adjusted by Moody's) has moderated to around 4.1x at the end
of Q4 2011. While we expect leverage to continue its downward
trend, it is not certain that leverage can be sustained at levels
lower than 4.5x, which is our guidance for a ratings upgrade, in
the face of an uncertain outlook for the global travel business
in 2012.
CWT's B2 CFR is supported by its position as a leading global
travel services provider with a substantial and well diversified
customer base that benefits from a high level of client
retention, which was maintained at 96% in 2011. It has operations
primarily in North America and Europe with diversification,
albeit to a lesser degree, in Latin America and the Asia Pacific.
CWT's ability to maintain its margins in an aggressively
competitive environment for the business travel sector is a key
foundation of the current ratings. This has been largely
accomplished through improved flexibility in managing its staff
levels, which is the largest contributor to its cost base.
However, the highly cyclical nature of the industry, given its
correlation to GDP growth and business travel activity, is a
constraint upon the company's ratings.
CWT's liquidity is adequate. At FYE 2011, the company had $333.5
million in cash and available credit lines and no material debt
maturities fall due before 2014. Furthermore, headroom for its
financial covenants at year-end was comfortably above 20%.
The positive outlook on CWT's ratings incorporates our
expectation that 2012 will be a year of low to flat growth, while
at the same time recognizing that it is difficult to predict the
business travel sector activity. We remain cautious about the
sustainability of the recovery for business travel overall in the
current macro-economic environment and we recognize the pressure
that higher fuel prices, if sustained, could have on demand on
the travel sector. Nevertheless, we expect the company will
continue to focus on debt repayment, which will improve its
credit metrics. The outlook also reflects our expectations that
the cost savings achieved in the last two years will continue
going forward and that margins will not materially deteriorate.
Further upward pressure on the ratings could develop if leverage,
measured by adjusted debt/EBITDA, were to remain below 4.5x on a
sustainable basis. From a liquidity standpoint, Moody's would
expect an adequate covenant headroom of at least 20% to be
maintained for its banking facilities.
A deterioration in operating performance leading to a sustained
weakness in cash flow generation and/or weaker leverage metrics
with debt/EBITDA rising above 5.0 times could put negative
pressure on the ratings. Negative pressure would also evolve if
liquidity concerns were to develop.
The following ratings remain unchanged:
Carlson Wagonlit B.V.
Long-Term Corporate Family Ratings (foreign currency) of B2
Probability of Default ratings of B2
Senior Secured Bank Credit Facility (foreign currency) ratings
of B1, 36 - LGD3
BACKED Senior Secured (domestic currency) ratings of Caa1, 89 -
LGD5
CWT Europe Holdings SAS
Senior Secured Bank Credit Facility (foreign currency) ratings
of B1, 36 - LGD3
CWT Global B.V.
Senior Secured Bank Credit Facility (foreign currency) ratings
of B1, 36 - LGD3
Carlson Wagonlit New Holdco Limited
Senior Secured Bank Credit Facility (foreign currency) ratings
of B1, 36 - LGD3
Carlson Wagonlit Travel Inc.
BACKED Senior Secured Bank Credit Facility (domestic currency)
ratings of B1, 36 - LGD3
The principal methodology used in rating Carlson Wagonlit was the
Global Business & Consumer Service Industry Rating Methodology
published in October 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.
Headquartered in the Netherlands, Carlson Wagonlit B.V. is a
global leader in travel management, serving corporations of all
sizes and government institutions. It reported net revenues of
US$1.86 billion in FY2011.
===============
P O R T U G A L
===============
TERMINALES PORTUARIOS: S&P Rates US$110MM Sr. Sec. Notes 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' preliminary
rating to the 25-year, senior secured notes issuance of up to
US$110 million proposed by Peru-based Terminales Portuarios
Euroandinos Paita S.A. (TPE). The outlook is stable.
"The assignment of a final rating will be subject to the final
issuance of satisfactory documentation," S&P said.
Standard & Poor's 'BB' preliminary rating reflects these
weaknesses:
* The project's exposure to the volatile commodity and container
trade volumes, as potential decreases over traffic levels
and/or regional production could hinder the concessionaire's
revenues;
* Small scale of operations compared with other ports in the
region; and
* Relatively concentrated customer base.
As of November 2011, TPE's top-10 clients generated about 77% of
its consolidated revenues;
* Exposure to climatic factors, such as the El Ni¤o phenomenon,
that are beyond the operator's control; and
* A back-loaded amortization schedule, with about 55% of
principal amortizing in the last quarter of the bonds' life.
Several strengths counterbalance these weaknesses:
* A favorable concession agreement with a clear mechanism of
tariff adjustment, service quality, and mandatory investments,
with a detailed time schedule and triggers properly defined in
terms of capacity reached;
* Adequate structural protections, with a six-month debt service
reserve account (DSRA), the need to comply with a minimum 1.5x
debt service coverage ratio (DSCR) to make restricted
payments, and a three-year concession tail; and
* A fixed-price, turnkey, and date-certain engineering,
procurement, and construction contract backed by letters of
credit from investment-grade financial institutions (covering
10% of the aggregate amount).
Adequate minimum and average DSCR of 1.3x and 2.8x, respectively,
under Standard & Poor's base-case scenario.TPE was awarded, in
September 2009, a concession contract to design, build, finance,
operate, and transfer the port of Paita, in the Piura Region of
northern Peru, for 30 years. The port handles about 152,000 20-
foot-equivalent units yearly, mainly exports of regional
agricultural and hydrobiological products.
"The stable outlook reflects our expectation that TPE will show
adequate operating performance, benefiting from improving traffic
fundamentals fueled by prosperous economic conditions in the
northern region of Peru, which would allow TPE to maintain the
above-mentioned metrics," S&P said.
===========
R U S S I A
===========
ALFASTRAKHOVANIE PLC: Fitch Affirms 'BB-' IFS Rating
----------------------------------------------------
Fitch Ratings has affirmed AlfaStrakhovanie PLC (Russia)'s
Insurer Financial Strength (IFS) rating at 'BB-' and National IFS
rating at 'A+(rus)'. The Outlooks are Stable.
The ratings continue to reflect AlfaStrakhovanie's level of
strategic importance to its parent (Alfa Group), the favourable
track record of the parent providing capital support over several
years and Fitch's view that this support is likely to continue to
be available in the future. The ratings remain constrained by
AlfaStrakhovanie's low risk-adjusted standalone capital position
and its as yet limited ability to generate capital internally.
To some extent, these concerns are mitigated by historically
effective measures taken by the insurer to shield capital from
large losses, through a prudent investment policy and appropriate
reinsurance protection.
Key ratings triggers for positive ratings actions would be a
significant strengthening of AlfaStrakhovanie's standalone
capital position or a sharp improvement in its operating
profitability. Conversely, any reduction, in Fitch's opinion, in
the level of AlfaStrakhovanie's strategic importance to Alfa
Group or in the group's ability to provide support could result
in negative rating actions.
AlfaStrakhovanie continued its steady progress towards a
healthier operating performance primarily due to a moderate
improvement of the underwriting result in 2011. The combined
ratio of the non-life portfolio strengthened to 94.4% in 9M11
from 95.5% in 9M10 primarily reflecting improvements in the loss
ratio across most lines of business. Fitch understands that the
combined ratio is likely to deteriorate in 12M11 from 9M11 due to
the seasonal increase of administrative expenses, common for the
insurer in Q4. Nevertheless, the agency still expects
AlfaStrakhovanie to report a moderate improvement from the
combined ratio of 101.2% (reviewed from expected 100.5%) in 2010.
The insurer's expected figure for the combined ratio in 2011 is
below 100%. AlfaStrakhovanie has also managed to achieve
marginal profitability on its life portfolio, although it remains
immature and is growing rapidly.
AlfaStrakhovanie's operating performance continues to be
pressured by the negative profitability of its medical services
subsidiary. It was established in 2008 with the aim of achieving
synergies by combining health insurance with medical services and
was planned to be loss-making in the first years of operation.
Fitch is concerned by the depletion of the insurer's capital and
liquidity by this non-core investment. To some extent, these
concerns have been mitigated by the divestiture of 25% stake to
third-party investors in H211 and the attraction of long-term
intra-group debt funding to support the development of the
project.
AlfaStrakhovanie was active in insurance acquisitions in 2009-
H111, targeting non-organic growth in commercial lines. These
acquisitions have brought significant amount of intangible assets
on the insurer's balance sheet and weakened the quality of its
capital, but helped to reduce the portfolio's exposure to the
less profitable motor business. Fitch understands that the
diversification achieved by AlfaStrakhovanie in both the
insurance and non-insurance spheres is in line with the strategy
set by its parent.
While Fitch views the apparently limited commitment of the
shareholders to hold more capital resources at the insurer's
level to support its organic growth somewhat negatively, the
agency believes that parental support is likely to be granted in
case of need. This expectation takes into account the insurer's
level of strategic importance to the group, shared brand with one
of the group's core assets -- OJSC Alfa-bank (Long-Term IDR
'BB+'/Stable) -- and the broad achievement of the key strategic
targets set by the shareholders. Positively, the agency notes
that AlfaStrakhovanie complies with regulatory capital
requirements with a comfortable cushion.
AlfaStrakhovanie is the core insurance operating company of the
large diversified Alfa Group, beneficially owned by six
individuals and holding assets in the oil and gas, telecoms,
media and financial sectors. AlfaStrakhovanie had gross premiums
written of RUB24.3 billion in 9M11 and gross assets of
RUB31.5 billion at end-9M11 on a consolidated basis.
CENTER-INVEST BANK: Moody's Issues Summary Credit Opinion
---------------------------------------------------------
Moody's Investors Service issued a summary credit opinion on
Center-Invest Bank and includes certain regulatory disclosures
regarding its ratings. The release does not constitute any change
in Moody's ratings or rating rationale for Center-Invest Bank.
Moody's current ratings on Center-Invest Bank and its affiliates
are:
Senior Unsecured (domestic currency) ratings of Ba3
Long Term Bank Deposits (domestic and foreign currency) ratings
of Ba3
Bank Financial Strength ratings of D-
Short Term Bank Deposits (domestic and foreign currency) ratings
of NP
RATINGS RATIONALE
Moody's assigns a standalone bank financial strength rating
(BFSR) of D- (stable outlook) to Center-Invest Bank (CIB), which
maps in Ba3 on the long-term scale. The D- BFSR reflects: (i) the
bank's entrenched franchise in its home market (Rostov region)
where it has solid positions in the segments of SME and retail
banking, (ii) highly diversified deposit base, good corporate
governance and good credit origination standards if compared to
peers and (iii) sound financial fundamentals, namely healthy
profitability, good efficiency and solid capital adequacy
cushion.
At the same time, the rating is constrained (i) by the limited
geographical diversification of the bank's business (largely
confined to a single region of Russia, correlated with the
performance of the agriculture sector) that - along with the
existing single-name and industry concentrations in the loan book
- renders the bank's performance vulnerable to (i) the health of
the local economy, (ii) the performance of the largest borrowers
and (iii) the historically unsustainable behaviour of retail
depositors in the Russian regions.
CIB's Ba3/Not-Prime deposit ratings are in line with its
standalone credit strength and do not incorporate any element of
support from the Russian government or from CIB's institutional
foreign shareholders. All of CIB's deposit ratings carry a stable
outlook.
Rating Outlook
CIB's BFSR and global-scale long-term deposit ratings carry a
stable outlook.
What Could Change the Rating - Up
Prerequisites for a rating upgrade would include a substantially
better geographical diversification of the bank's business, on
the assets and funding sides, combined with a granular customer
base; however, this is not anticipated as a highly likely
scenario in the medium term.
What Could Change the Rating - Down
We may downgrade CIB's ratings in the event of a rapid impairment
of the bank's assets given single-name and geographical
concentrations prevailing in the bank's loan book, says Moody's.
The methodologies used in this rating were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, and
Mapping Moody's National Scale Ratings to Global Scale Ratings
published in March 2011.
=========
S P A I N
=========
BANCAJA 10: S&P Lowers Rating on Class D Notes to 'CCC'
-------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in Bancaja 10, Fondo de Titulizacion de Activos and
Bancaja 11, Fondo de Titulizacion de Activos.
Specifically, S&P has:
- In Bancaja 10, lowered its ratings on the class A3, C, and D
notes, and affirmed its ratings on the class A2, B, and E
notes; and
- In Bancaja 11, lowered its ratings on the class A2, A3, B, C,
and D notes, and affirmed its rating on the class E notes.
"The rating actions follow our credit and cash flow analysis of
the most recent transaction information that we have received
from the trustee, and the application of our 2010 counterparty
criteria. We have taken these rating actions based on the
performance of the underlying mortgage pools, the structural
features in these transactions, the continuing Spanish house
price index decline, our outlook for the Spanish residential
mortgage-backed securities (RMBS) sector, and our Nov. 29, 2011
downgrade of JPMorgan Chase Bank N.A. (A+/Stable/A-1), which is
the swap counterparty in Bancaja 10," S&P said.
Bancaja 10 and 11 are Spanish RMBS transactions backed by pools
of first-ranking mortgages secured over owner-occupied
residential properties in Spain. Bancaja (Caja de Ahorros de
Valencia, Castellon y Alicante) originated the mortgage loans.
"Although the credit quality deterioration observed is slower for
both pools than in previous years, we have observed slow but
persistent weakening in the credit quality of the underlying
portfolios backing Bancaja 10 and 11. The balance of loans in
arrears for 90 days, but not yet considered as defaulted (defined
as 18 months in arrears in these transactions), did not show a
significant deterioration during the past 12 months. As of the
latest investor report as of February 2012, they represented
3.36% and 3.48% of the current pool balance for Bancaja 10 and
11. However, the levels of defaulted loans have increased, to
5.15% and 5.62% on a cumulative basis, over the original
portfolio balance securitized at closing, representing a year-on-
year increase of 14.19% and 14.23%," S&P said.
"In line with the decline of the Spanish economy, residential
houses prices have suffered a deterioration of 7.11% year-on-
year, according to the data we published in our Q4 2011 Spanish
house price index. The performance indicators and our outlook for
the Spanish RMBS sector suggest to us that delinquencies and
defaults are likely to increase in the coming quarters. We
believe that the current outlook for the Spanish RMBS sector
could foster this process. In addition, the levels of severe
delinquencies and defaults in these two transactions are still
higher than in many similar rated transactions in the market, and
other series from the same originator," S&P said.
"Both transactions feature a structural mechanism that traps
excess spread to provide protection from defaults to more senior
classes of notes. When the balance of cumulative defaulted loans
reaches a certain percentage of the initial collateral balance,
these structural mechanisms alter the priority of payments, so as
to shut off interest payments to the class of notes related to
that trigger. The trustee informed us that, as of the end of
February 2012, these ratios were 5.15% and 5.62% in Bancaja 10
and 11, versus trigger levels of 5.70% and 5.62% for the class D
notes. The rating actions on the class D notes in both
transactions reflect the proximity of the interest-deferral
triggers and our rating definition of these affected classes. We
expect to lower our rating on the class D notes in Bancaja 11 to
'D (sf') on the April 2012 payment date, as it is already at the
threshold level," S&P said.
"Both transactions also benefit from reserve funds, funded at
issuance with the proceeds of the class E notes. The current
reserve funds represent less than their respective required
levels. As of Bancaja 10 and 11's latest payment dates on Feb.
22, 2012, and Jan. 27, 2012, the reserve funds represented 0.59%
of the outstanding balance of Bancaja 10 notes -- which
translates to 29.19% of their required levels -- and in Bancaja
11, the reserve fund has been fully depleted since the April 2010
payment date, and has not been replenished since," S&P said.
"All of the downgrades are based on our assessment of the
increased likelihood of interest shortfalls for the respective
classes of notes, taking into account the timely payment of
interest and ultimate payment of principal addressed by the
ratings in these two transactions. They also reflect the
definition of each rating in accordance with 'Standard & Poor's
Ratings Definitions,' published on Feb. 24, 2012, in light of the
effects of current and projected portfolio performance on the
transactions' available credit enhancement levels. In addition,
for Bancaja 10's class A3 notes, the downgrade reflects the
counterparty downgrade of JPMorgan Chase Bank acting as swap
provider, and the impact of that counterparty downgrade on the
ratings on the notes, in accordance with our current counterparty
criteria," S&P said.
"For Bancaja 10, our ratings on the senior classes of notes are
constrained by our long-term rating on JP Morgan Chase Bank as
the swap counterparty, as per our 2010 counterparty criteria. We
do not consider the replacement language in the swap agreement to
be in line with our 2010 counterparty criteria, although it does
feature a replacement framework that we give some credit in our
analysis. The ratings floor for transactions such as this is our
long-term issuer credit rating on the swap counterparty, plus one
notch. Our ratings on the notes in this transaction are therefore
capped at 'AA-', following our downgrade of the above-mentioned
counterparty. For Bancaja 11, where HSBC Bank PLC acts as swap
counterparty, the ratings floor is 'AA', which does not affect
the current ratings," S&P said.
"For Bancaja 10, as per our 2010 counterparty criteria, we have
therefore performed our analysis on the transaction without
giving credit to the swap agreement. As a result, we have
affirmed our rating on the class A2 notes. We have also concluded
that any future adverse rating action relating to the swap
counterparty, if it occurs, may result in us lowering our rating
on the class A3 notes, as from a cash flow perspective, we could
not affirm the 'AA-' rating without giving credit to the swap
agreement," S&P said.
"The affirmations of our ratings are based on our assessment that
current and projected levels of credit enhancements are
commensurate with the levels required to maintain those ratings,"
S&P said.
Standard & Poor's 17g-7 Disclosure Report
Sec Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Bancaja 10, Fondo de Titulizacion de Activos
EUR2.631 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A3 AA- (sf) AA (sf)
C B+ (sf) BB- (sf)
D CCC (sf) B- (sf)
Ratings Affirmed
A2 AA (sf)
B BBB- (sf)
E D (sf)
Bancaja 11, Fondo de Titulizacion de Activos
EUR2.023 Billion Mortgage-Backed Floating-Rate Notes
Ratings Lowered
A2 A (sf) AA (sf)
A3 A (sf) AA (sf)
B BB (sf) BBB (sf)
C B (sf) BB- (sf)
D CCC (sf) B (sf)
Rating Affirmed
E D (sf)
BANCO DE VALENCIA: Fitch Affirms 'BB-' Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Spain's Banco de Valencia's
(BValencia) Long-term Issuer Default Rating (IDR) at 'BB-', with
a Stable Outlook. Simultaneously, Fitch has downgraded
BValencia's Viability Rating (VR) to 'f' from 'b' and removed it
from Rating Watch Negative (RWN).
BValencia's Long-term IDR is at its Support Rating Floor and has
a Stable Outlook, reflecting Fitch's view of moderate probability
of support from Spanish Authorities and ultimately from the Fund
for Orderly Bank Restructuring (FROB) and the Deposit Guarantee
Fund (DGF).
The downgrade of BValencia's VR to 'f' follows the publication of
the financial statements of BValencia, which enabled Fitch to
quantify the provisioning and recapitalization needs for the
institution. It is now clear that the capital shortfall is
likely to be covered by the FROB and not by the existing
shareholders. The downgrade of its VR to 'f' reflects that in
Fitch's opinion, BValencia has failed and would have defaulted
had it not received extraordinary support or benefited from other
extraordinary measures.
In November 2011, BValencia asked for voluntary financial
assistance and the replacement of its Board of Directors by the
FROB. Consequently, the bank became subject of regulatory
intervention and the FROB became temporary administrator of the
bank.
At end-2011, BValencia had a capital shortfall of EUR912m to
comply with the minimum 8% regulatory core capital ratio and
reported core and total regulatory ratios of 2.3% and 4.4%,
respectively. Since the FROB has taken control of BValencia, it
has committed to inject EUR1 billion in capital and has provided
a liquidity line of EUR2 billion. Of the latter, EUR0.9 billion
has been used but no capital has been injected to date.
Including the EUR1 billion in capital committed by the FROB, the
core capital ratio would have been around 8.5% at end-2011, above
the minimum regulatory requirement.
In February 2012, Spain's government imposed stricter regulatory
coverage levels on real estate assets for all Spanish banks on a
one-off basis. BValencia estimates that it will be required to
further increase coverage levels by at least EUR823 million in
the form of provisions and EUR428 million in the form of a
capital buffer. Given the bank's internal capital generation
difficulties, FROB's capital support could be higher than
initially anticipated but will also form part of its
restructuring plans, which are likely to be an auction of the
institution.
BValencia reported significant losses in 2011 as a result of
large loan impairment charges (EUR909 million), particularly from
real estate assets; foreclosed asset impairments (EUR246 million)
and other impairments related to real estate affiliates (EUR205
million)
At end-2011, the bank had EUR6.1 million real estate assets
(including loans and foreclosed assets), which represented a high
31% of total lending and foreclosures. The total impaired/total
loans including foreclosures ratio rose to 19% at end-2011 (43%
covered by reserves). BValencia also had strong funding and
liquidity pressures, as the bank has large wholesale funding
maturities over the next two years, limited scope to improve
liquid asset pool and high loans/deposits ratio.
In line with Fitch's criteria for Rating Bank Regulatory Capital
and Similar Securities, as a result of the above rating action,
the bank's subordinated debt has also been downgraded to reflect
greater risk of non-performance.
BValencia is a regional bank operating mainly in Valencia and
Murcia with 427 branches at end-2011. BValencia's major
shareholder is Banco Financiero y de Ahorros (BFA,
'BB'/Stable/'B') with a 27.3% stake. BFA also owns a 52.4% stake
in Bankia, the third-largest banking group in Spain. After the
regulatory intervention, BFA lost management control of the bank
and no longer consolidates this investment. BFA's ratings are
unaffected by today's rating action.
Fitch placed BFA's 'bb-' VR on RWN on November 11, 2011. This
reflected that although BValencia's need for additional capital
would, on its own, most likely not have an impact on BFA's
ratings, BFA's cash flows and net income could also be negatively
impacted by a potential weakening of dividend flows upstreamed
from its investments and the negative economic trends in Spain,
The rating actions are as follows:
BValencia:
-- Long-term IDR: affirmed at 'BB-', Stable Outlook
-- Short-term IDR: affirmed at 'B'
-- Viability Rating: downgraded to 'f' from 'b' and removed
from RWN
-- Support Rating: affirmed at '3'
-- Support Rating Floor: affirmed at 'BB-'
-- Subordinated debt: downgraded to 'CC' from 'B-' and removed
from RWN
-- Preference shares: affirmed at 'C'
===========
T U R K E Y
===========
FINANSBANK A.S.: Moody's Reviews 'Ba1' Sr. Unsec. Debt Ratings
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
C- bank financial strength rating (BFSR) of Finansbank A.S. as
the corresponding standalone assessment of Baa2 is currently
above Turkey's debt rating of Ba2 (with positive outlook). This
review reflects Moody's revised assessment of the linkage between
the credit profiles of sovereigns and financial institutions
globally, which is further discussed in the rating implementation
guidance "How Sovereign Credit Quality May Affect Other Ratings"
published on February 13, 2012.
The review placement also reflects Moody's assessment of the
interdependence between Finansbank A.S. and its parent, National
Bank of Greece -- given the low rating (Caa2) of the parent, --
in light of Moody's assumption that the credit quality of parent
banks and their subsidiaries are typically linked.
Consequently, the Baa2/Prime-2 global local currency (GLC)
deposit and the Ba1 foreign currency senior unsecured debt
ratings were also placed on review for downgrade. The bank's Ba3
foreign-currency deposit rating is unaffected by the action.
Furthermore, Finansbank' s leasing subsidiary Finans Finansal
Kiralama A.S.'s (FinansLeasing) Ba1 foreign currency issuer
rating has been placed on review for downgrade as its rating is
supported by Moody's assumptions for parental support.
RATINGS RATIONALE
REVIEW OF FINANSBANK'S RATINGS
Finansbank has a strong capital base, and a moderate reliance to
wholesale market funds. However, its lending and revenue
generation are primarily within Turkey and, like most other banks
in the Turkish banking system, it has a high direct exposure to
the sovereign (primarily through securities holdings). This
implies a strong relationship between the credit quality of the
sovereign and that of the Turkish banks.
FOCUS OF THE REVIEW
During the review, Moody's will therefore assess the degree to
which Finansbank's standalone credit profile is independent of
that of the sovereign. The review will take into account (i) the
extent to which its business is dependent on the domestic
macroeconomic and financial environment, (ii) the degree of
reliance on market-based and therefore more confidence-sensitive
funding, and (iii) the direct or indirect exposures to domestic
sovereign debt.
The rating review will also focus on any potential adverse
consequences for Finansbank from the weak creditworthiness of its
parent, National Bank of Greece (Caa2/NP/E, with negative
outlook). Moody's assumption is that subsidiaries are always
likely to be partially affected by changes in parents'
creditworthiness. The review will therefore assess the
relationship between the two. Moody's recognizes the independence
of Finansbank from its parent; as per audited consolidated 2011
BRSA financials, Finansbank had a low dependence on funding from
NBG comprising 3.8% of its balance sheet in the form of Tier 2
capital. Moody's also notes that NBG has publicly stated to
target a partial sale of its majority stake in Finansbank.
Nonetheless, Moody's will assess the positioning of Finansbank's
standalone credit assessment relative to its parent's standalone
profile, taking into account; (i) the degree of interlinkages
between them; (ii) the extent to which a possible default of NBG
have negative credit implications for Finansbank's franchise; and
(iii) regulatory barriers in Turkey that restrict NBG from
utilizing -- at its discretion -- Finansbank's resources.
Finally, the review will encompass Moody's assumptions for
systemic support from Turkey as a source for rating uplift from
the standalone ratings.
REVIEW OF FINANSLEASING RATINGS
The review of FinansLeasing's issuer rating follows the review
for downgrade of the ratings of its parent Finansbank.
FinansLeasing's rating currently incorporates rating uplift due
to parental support. The downward pressure on Finansbank's
intrinsic strength and therefore potential capacity to support,
exerts downward rating pressure on FinansLeasing.
WHAT COULD MOVE RATINGS UP/DOWN
Moody's believes there is little likelihood of any upward rating
pressure for any of the ratings covered by the March 16
announcement, reflected by their review for downgrade placements.
The most important rating drivers are: (i) the level of cross-
border diversification of its operations; (ii) the level of
balance-sheet exposure to domestic sovereign debt, compared with
its capital base; (iii) franchise resilience and intrinsic
strength within the operating environment; (iv) a re-assessment
of how the weakened financial strength of the parent bank may
affect the subsidiaries' standalone credit profiles (iv) the
assumptions for parental or systemic support available in case of
need.
PRINCIPAL METHODOLOGIES
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt published in November 2009 and Government-Related Issuers:
Methodology published in July, 2010.
TURK EKONOMI: Moody's Reviews 'D+' BFSR for Downgrade
-----------------------------------------------------
Moody's Investors service has announced a range of rating actions
with regard to 13 Turkish financial institutions whose standalone
credit assessments are currently positioned above the sovereign
debt rating. The announcement reflects Moody's revised assessment
of the linkage between the credit profiles of sovereigns and
financial institutions globally, which is further discussed in
the rating implementation guidance titled "How Sovereign Credit
Quality May Affect Other Ratings" published on February 13, 2012.
Consistent with this guidance, Moody's expects to position the
standalone credit assessments of most banks globally at or below
the domestic sovereign's rating, which in the case of Turkey is
Ba2, with a positive outlook. Moody's will also reassess its
assumptions about government and parental support, as applicable
to each Turkish bank affected by the announcement. Support
assumptions can lead to a bank's global local currency (GLC)
issuer and deposit ratings being positioned higher than their
standalone credit assessments under Moody's joint-default
analysis (JDA).
The rating actions can be summarized as follows:
Standalone bank financial strength ratings (BFSRs)
-- For 12 banks whose standalone BFSRs are currently positioned
above the sovereign rating, these BFSRs were placed on review
for downgrade
Global local currency (GLC) long-term issuer and deposit ratings
-- For 9 banks, their GLC long-term issuer and deposit ratings
are also on review for downgrade
-- For seven banks, GLC long-term issuer and deposit ratings
were placed on review for downgrade
-- For two banks, previously-announced reviews for downgrade of
their GLC long-term deposit ratings were extended
-- For three banks, their Baa3 GLC long term deposit ratings
were affirmed, as Moody's does not currently expect any
downgrade of their standalone credit assessments to affect
their long-term deposit ratings
Foreign currency (FC) long-term and short-term debt and deposit
ratings
-- FC debt and deposit ratings of the banks covered by the
announcement are unaffected
GLC short-term ratings
-- Moody's has also taken various actions on 10 banks' GLC
short-term ratings, as detailed at the end of this report
National scale ratings (NSR)
-- The NSRs of three banks were placed on review for downgrade,
as they map directly to the banks GLC deposit ratings
For Export Credit Bank of Turkey A.S., a government-related
issuer, the standalone credit profile (BCA) of 10 and the Ba1
foreign currency issuer and long-term senior unsecured debt
ratings have been placed on review for downgrade.
As announced in a separate press release, the BFSR, GLC deposit
and FC long-term senior unsecured debt ratings of Finansbank and
the FC issuer rating of its subsidiary Finans Finansal Kiralama
A.S. were also placed on review.
Moody's expects to conclude these reviews within the usual
timeframe of up to 90 days.
A detailed list of the banks and ratings affected by this
announcement is included.
RATINGS RATIONALE
REVIEW OF STANDALONE RATINGS ABOVE THE SOVEREIGN DEBT RATING
Moody's believes that the creditworthiness of financial
institutions with low cross-border operational diversification
and/or reporting high balance sheet exposure to the debt of their
domestic sovereign is closely linked to the domestic sovereign's
credit strength. Banks in systems with these characteristics,
which apply to Turkey, are unlikely to have standalone credit
assessments above the sovereign, which is often viewed as the
lowest credit risk in the local market or currency.
Moody's recognizes positively that Turkish banks have strong
capital bases against potential losses from their loan
portfolios, and they have moderate reliance to wholesale market
funds. Both factors limit the banks' vulnerability to sovereign
risk. However, the banks' revenue generation is primarily within
Turkey and their balance sheets have a high direct exposure to
the sovereign (primarily through securities holdings). These two
factors elevate the banks' susceptibility to event risk at the
sovereign level.
Overall, Moody's expects that the standalone credit assessments
being placed on review for downgrade will be rated at the Turkish
sovereign (Ba2 with positive outlook) upon the conclusion of the
reviews.
LONG TERM RATINGS CONSIDERATIONS - PRIVATE BANKS
Moody's ratings incorporate assumptions about external support
through its JDA methodology. As a result, issuers whose
standalone credit strength is positioned below or at the
sovereign rating level will continue to benefit from the
availability of external sources of support, either from a
higher-rated foreign parent and/or government (or systemic)
support, where applicable. Moody's believes that Turkey is a
high-support country that is likely to use its considerable
resources, including non-fiscal options such as forbearance, to
support banks in case of need. Accordingly, systemic support
imputed through the application of the JDA methodology for Turkey
allows banks final GLC issuer and deposit ratings (including
support) to be positioned up to two notches above the sovereign
rating, at Baa3.
Moody's expects that most privately owned banks, depending on
their systemic importance or shareholder composition that
includes a higher-rated parent will benefit from multi-notch
rating uplift due to support assumptions and hence may see their
long-term ratings downgraded to Baa3, with few seeing their GLC
ratings fall lower.
LONG TERM RATINGS CONSIDERATIONS -- STATE-OWNED BANKS
The D+ standalone BFSRs (which translate to Baa3 on Moody's long-
term scale) for the three state-owned banks T.C. Ziraat Bankasi
A.S., Turkiye Halk Bankasi A.S. and Turkiye Vakiflar Bankasi
T.A.O. have been placed on review for downgrade, because they
exceed the current Ba2 sovereign level.
Moody's has nonetheless affirmed the banks' Baa3 GLC deposit
ratings. This reflects Moody's view that the three banks benefit
from government support that will offset the adverse impact of
lower standalone credit assessments on their GLC ratings. Moody's
believes the three banks are of very high systemic importance due
to their market shares between 8% to 17% as well as their
affiliation to the state.
FOREIGN CURRENCY DEBT AND DEPOSIT RATINGS
The FC deposit and debt ratings of Turkish banks are on average
lower than the GLC ratings, because they are constrained by
Turkey's FC deposit ceiling of Ba3 and the FC debt ceiling of
Ba1, both with a positive outlook. Given their lower level, the
banks' FC deposit and debt ratings are unaffected by this review.
Moody's expects that the FC ratings will be positioned at these
ceilings upon completion of the review.
FOCUS OF THE REVIEW
During the reviews, Moody's will assess the degree to which the
issuer's standalone credit profiles are correlated with those of
the sovereign. The reviews will take into account (i) the extent
to which the entities' business is dependent on the domestic
macroeconomic and financial environment, (ii) the degree of
reliance on market-based and therefore more confidence-sensitive
funding, and (iii) direct or indirect exposures to domestic
sovereign debt.
WHAT COULD MOVE RATINGS
For all banks whose ratings are included in the reviews announced
on March 16, the most important rating drivers are: (i) the level
of cross-border diversification of their operations; (ii) the
level of balance-sheet exposure to domestic sovereign debt,
compared with their capital bases; (iii) franchise resilience and
intrinsic strength within the operating environment; (iv)
shareholder composition and the rating of the parent incorporated
in our JDA analysis to reflect imputed external support; and/or
(v) the assumptions for systemic support available to a bank in
case of need.
LIST OF RATING ACTIONS
The following rating actions were taken:
(i) Akbank T.A.S.'s Baa1/Prime-2 GLC deposit rating, and C- BFSR
were placed on review for downgrade. Its other ratings were
unaffected;
(ii) Anadolubank A.S.'s Ba1 long-term GLC deposit rating, and D+
BFSR were placed on review for downgrade. Its other ratings were
unaffected;
(iii) Denizbank A.S.'s Baa2/Prime-2 GLC deposit rating, and C-
BFSR were placed on review for downgrade. Its other ratings were
unaffected;
(iv) HSBC Bank A.S.'s D+ BFSR was placed on review for downgrade.
The current review of its Baa1 long-term GLC deposit rating, and
Aa2.tr long-term NSR have been extended. Its other ratings were
unaffected;
(v) Turk Ekonomi Bankasi A.S.'s Baa2/Prime-2 GLC deposit rating,
and D+ BFSR were placed on review for downgrade. Its other
ratings were unaffected;
(vi) Turkiye Garanti Bankasi A.S.'s Baa1/Prime-2 GLC deposit
rating, Aa1.tr long-term NSR, and C- BFSR were placed on review
for downgrade. Its other ratings were unaffected;
(vii) Turkiye Halk Bankasi A.S.'s Baa3/Prime-3 GLC deposit
ratings were affirmed with stable outlook. Its D+ BFSR was placed
on review for downgrade. Its other ratings were unaffected;
(viii) Turkiye Is Bankasi A.S.'s Baa2/Prime-2 GLC deposit
ratings, and C- BFSR were placed on review for downgrade. Its
other ratings were unaffected;
(ix) Turkiye Sinai Kalkinma Bankasi A.S.'s Baa2/Prime-2 local
currency issuer ratings, and D+ BFSR were placed on review for
downgrade. Its other ratings were unaffected;
(x) Turkiye Vakiflar Bankasi T.A.O.'s Baa3/Prime-3 GLC deposit
ratings were affirmed with stable outlook. Its D+ BFSR was placed
on review for downgrade. Its other ratings were unaffected;
(xi) T.C. Ziraat Bankasi A.S.'s Baa3/Prime-3 GLC deposit ratings
were affirmed with stable outlook. Its D+ BFSR was placed on
review for downgrade. Its other ratings were unaffected;
(xii) Yapi ve Kredi Bankasi A.S.'s D+ BFSR was placed on review
for downgrade. The current review of its Baa2/Prime-2 GLC deposit
rating, and Aa2.tr long-term NSR have been extended. Its other
ratings were unaffected;
(xiii) Export Credit Bank of Turkey's BCA of 10, and its Ba1
foreign currency issuer and long-term senior unsecured debt
ratings were placed on review for downgrade.
Moody's will separately address the subsidiaries of the Turkish
banks included in the March 16 announcement that might be
affected by the review of the parent's credit ratings.
PRINCIPAL METHODOLOGIES
The methodologies used in these ratings were Bank Financial
Strength Ratings: Global Methodology published in February 2007,
Incorporation of Joint-Default Analysis into Moody's Bank
Ratings: A Refined Methodology published in March 2007, Moody's
Guidelines for Rating Bank Hybrid Securities and Subordinated
Debt published in November 2009 and Government-Related Issuers:
Methodology published in July, 2010.
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.
=============
U K R A I N E
=============
* UKRAINE: S&P Affirms 'B+/B' Sovereign Ratings
-----------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
sovereign credit ratings on Ukraine to negative from stable. "At
the same time, we affirmed our 'B+/B' long- and short-term local
and foreign currency sovereign ratings on Ukraine," S&P said.
"We also lowered the long-term Ukraine national scale rating to
'uaA+' from 'uaAA-'. The transfer and convertibility (T&C)
assessment remains 'B+', in line with the foreign currency
rating, and the recovery rating on the unsecured foreign currency
debt is affirmed at '4', indicating our expectation of 30%-50%
recovery in the event of a default," S&P said.
"The negative outlook reflects our view of increased risks
regarding Ukraine's significant fiscal and external refinancing
needs. The ratings on Ukraine are constrained by our view of the
government's unwillingness to make further structural
improvements to the public finances; and by its highly leveraged
financial sector with considerable nonperforming loans (NPLs).
The ratings are supported by relatively low levels of public
sector debt, a large commodity endowment, and relatively strong
growth potential," S&P said.
"In our view, increased risk aversion toward Ukraine's funding
needs has been fueled by the lack of clarity over the ultimate
direction of government policy in relation to ongoing
negotiations with the IMF and Russian gas company, OAO Gazprom
(BBB/Stable/A-2). Currently, Ukraine is negotiating the
resumption of the IMF's suspended lending program while talks
with Gazprom are aimed at
reducing the overall cost of gas supplied to Ukraine," S&P said.
Boosting investor confidence, and thereby making debt refinancing
more affordable, may require the government to make some
politically difficult decisions. S&P thinks the burden of
refinancing could be reduced:
* If disbursements under Ukraine's roughly $16 billion (special
drawing rights 10 billion, 8% of estimated 2012 GDP) IMF
program were resumed. Further disbursements are conditional on
the government increasing domestic gas prices by 50%,
following an initial 50% increase in August 2010, in order to
phase out the annual deficit at state-owned utility, Naftogaz
Ukrainy.
* If the government's ongoing gas price and mandatory volume
contract negotiations with Gazprom were to lead to the cost of
gas imports decreasing, which would somewhat alleviate
external accounts pressures.
"In our opinion, the two are not mutually exclusive. A lower gas
price contract with Gazprom could offset the need for
domestically imposed gas price increases and may result in the
IMF resuming disbursements under the program. However, Ukraine's
current relationship with Russia (BBB/Stable/A-3) is tense. It
seems unlikely to us that a deal to lower the price of gas
imports will be made without Ukraine giving up control of key
energy infrastructure assets. Ukraine wants to cut its gas
imports to 27 billion cubic meters in 2012 from an estimated 40
billion in 2011, and lower the price to around $250 per cubic
meter from an expected average of over $400 in 2012. Gazprom has
rejected these demands, arguing that the terms of the 2009
agreement must be honored," S&P said.
"So far, the Ukraine government has not clearly indicated its
course of action. However, our base case reflects our expectation
that domestic gas prices will be raised to some extent in order
to reduce the deficit at Naftogaz--although we do not currently
factor in the full 50% price increase required by the IMF. As a
result, we expect inflation to return to double digits in 2012
from an average 8% in 2011. We expect GDP growth and general
government and current account deficits to average 4%, 3%, and 5%
respectively over the period to 2015. At the same time, we expect
foreign currency reserves to decline further as the central bank
intervenes to prevent significant hyrvnia depreciation.
Meanwhile, the financial system continues to be vulnerable, with
NPLs at around 40% of total loans," S&P said.
"In our view, the government is currently unwilling to pay the
interest rates required to access international capital markets.
At the same time, the government has found it necessary to
diversify its debt issuance strategy in the domestic market away
from straight hyrvnia-denominated debt. Since the beginning of
2012 it has been issuing U.S.-dollar-denominated domestic T-
bills, while there has been little demand for the government's
other recent innovation (in December 2011) of hyrvnia-denominated
debt indexed to exchange-rate movements. At the same time, the
interest rate to be paid on these government securities is
increasing, highlighting the difficult financing environment the
government is currently facing. The yield on government
securities has risen to 9.3% on one-year U.S.-dollar-denominated
T-bills issued Feb. 21, 2012, up from 8.8% on Dec. 16, 2011. The
government paid 13.70% on six-month hryvnia-denominated T-bills
issued Feb. 28, 2012, up from 9.75% in December 2011," S&P said.
"Over and above the government's gross refinancing need for 2012
(estimated at about $10 billion, $2 billion of which is maturing
external debt), the Ukrainian economy as a whole has around $50
billion in external debt due to be refinanced during 2012.
Private sector companies other than banks hold the majority of
Ukraine's external debt (51%), followed by the public sector
(28%), and banks (21%)," S&P said.
"The increased risk aversion to Ukrainian government securities
has occurred despite the implementation of modest structural
reforms of the tax code and pension system, which we view as
likely to improve economic growth prospects while placing public
finances on a more sustainable footing. Also, official data
indicates that the cash-based consolidated budget deficit
improved significantly to about 2.7% of GDP in 2011 from 6.6% in
2010, as the government curbed spending in light of tighter
financing conditions," S&P said.
"Our local currency rating is equalized with our foreign currency
rating because monetary policy options, which underpin a
sovereign's greater flexibility in its own currency, are
constrained by Ukraine's high inflation and managed exchange
rate. Our T&C assessment is equalized with the sovereign foreign
currency rating to reflect our opinion that the likelihood of the
sovereign restricting access to foreign exchange needed by
Ukraine-based non-sovereign issuers for debt service is similar
to the likelihood of the sovereign defaulting on its foreign
currency obligations. The government has a history of using
restrictions on access to foreign exchange as a policy tool and
may, in our view, use such restrictions more extensively in a
downside scenario," S&P said.
"The negative outlook reflects the likelihood that we could lower
our long-term sovereign credit ratings on Ukraine if the
country's external liquidity remains under pressure, as
highlighted by the currently suspended IMF program, the
government's (and other borrowers') lack of access to
international capital markets, and sustained high current account
deficits," S&P said.
"Conversely, we could revise the outlook back to stable if these
indicators were to materially improve. In our view, such
improvements could be brought about by a positive conclusion to
the negotiations with Gazprom on Ukraine's gas contract and/or a
resumption of disbursements under Ukraine's IMF program. We
expect that such a resolution could take place in the months
following the parliamentary elections in October 2012, at which
time we expect to review the ratings again," S&P said.
* UKRAINE: Plans to Pay Creditors, Including IMF on Time
--------------------------------------------------------
According to Bloomberg News' Daryna Krasnolutska, the Finance
Ministry, based in capital Kiev, said on Friday in a statement on
its Web site that Ukraine "confirms its intention" to pay
creditors, including the International Monetary Fund, on time.
The Finance Ministry said that the country has resources for the
debt payments, Bloomberg relates.
===========================
U N I T E D K I N G D O M
===========================
BRITISH MIDLAND: IAG Faces Lengthy EU Probe Into Takeover Bid
-------------------------------------------------------------
Alex Barker and Andrew Parker at The Financial Times report that
International Airlines Group faces a lengthy competition
investigation into its contentious takeover of BMI British
Midland after being told by the European Commission that its
proposed deal concessions are likely to be rejected.
IAG, formed through the merger of British Airways and Spain's
Iberia, has offered to relinquish some take-off and landing slots
at Heathrow airport in order to secure quick regulatory approval
for its planned purchase of BMI, Lufthansa's lossmaking UK
subsidiary, the FT discloses.
However, IAG's lawyers have been informed that the company's
proposals are unlikely to address Brussels' full range of
competition concerns, increasing the prospect of a longer and
more in-depth investigation, the FT notes.
IAG's offer to relinquish some Heathrow slots extends the
deadline for an initial Commission decision from March 16 to
March 30, the FT says. Brussels officials will seek feedback
from rival airlines, including Sir Richard Branson's Virgin
Atlantic, which is strongly opposed to the deal, according to the
FT.
IAG has offered up to GBP172.5 million in cash for BMI, the FT
relates. If approved, the transaction would increase IAG's share
of slots at Heathrow from 44.8% to 53.5%, the FT notes.
PwC, BMI's auditors, said in January that several uncertainties
surrounding the airline "may cast significant doubt over the
ability of the company to continue as a going-concern", the FT
recounts.
BMI's directors, as cited by the FT, said the airline should have
sufficient funding until March 31, by when Lufthansa hopes to
complete the transaction.
British Midland Airways, which does business as bmi, --
http://www.iflybritishmidland.com/-- carries passengers to some
30 countries, mainly in the UK but also in continental Europe,
the Middle East, Asia, and Africa. It operates a fleet of about
50 jets, including Airbus and Embraer models. Low-fare
subsidiary bmi baby serves about 30 destinations in Europe with a
fleet of about 20 Boeing 737s. bmi is a member of the Star
Alliance global marketing group, which includes UAL's United
Airlines, Air Canada, and Singapore Airlines. In mid-2009,
fellow Star Alliance member and global airline giant Lufthansa
acquired majority ownership of bmi.
DECO 6: Fitch Downgrades Rating on Class D Notes to 'Csf'
---------------------------------------------------------
Fitch Ratings has downgraded DECO 6 - UK Large Loan 2 plc's
notes, as follows:
-- GBP174.3m class A2 due July 2017 (XS0235683223) downgraded
to 'CCCsf' from 'BBBsf'; Recovery Estimate (RE) 70%
-- GBP34.4m class B due July 2017 (XS0235683736) downgraded to
'CCsf' from 'BBsf'; RE 0%
-- GBP39.3m class C due July 2017 (XS0235684114) downgraded to
'CCsf' from 'CCCsf'; RE 0%
-- GBP24.1m class D due July 2017 (XS0235684544) downgraded to
'Csf' from 'CCsf'; RE 0%
The downgrades have been driven by the condition of the Mapeley
loan collateral. The transfer of the loan to special servicing
in October 2011 has opened up new sources of information that
reveal that the credit quality of the CMBS is considerably weaker
than previously believed. The special servicer, Hatfield Philips
International Limited ('CSS3+'), commissioned an updated
valuation of the portfolio. This indicated an aggregate market
value of GBP74.7 million, as at January 2012. The revaluation
reflected a decline in collateral value on a like-for-like basis
of 66% from a previous estimate prepared (on behalf of the
sponsor) in 2008, which was itself some 10% down from at closing.
As a result, the reported loan-to-value ratio (LTV) has increased
to 230%. While much higher than the 77% LTV reported prior to
the new valuation, Fitch's working estimate of LTV for its
November 2011 rating action (124%) underestimated the extent of
asset wastage revealed by the new valuation report. It contains
significant detail on the current condition of the aging property
portfolio, following a period of neglect. Against an unfavorable
backdrop of generally high structural vacancy for secondary
regional offices in the UK, prolonged falls in income for this
portfolio are likely, with void periods likely to overlap across
multiple properties. Significant outlays of capital expenditure
will be required to secure new income, which has dragged down
value.
The majority of assets are large offices last occupied by public
sector institutions on former long leases. Several are in weak
locations that would not appeal to a broad range of tenants.
This information is not new to Fitch, but what was not apparent
to the agency is how poor a state of repair the properties are
now in. Combining neglect with large lot sizes and peripheral
locations undermines the marketability of the portfolio, both to
tenants and investors. The steep decline in the value of this
portfolio raises serious questions about the portfolio selection
and property management skills of the sponsor. At any rate, it
leaves a very challenging situation for the special servicer to
contend with. This is not helped by an out-of-the-money interest
rate swap.
Despite the extent of asset and structural weakness, rental
income (supplemented with available liquidity facility drawings)
should still be sufficient to service the CMBS for some time.
Nevertheless, the severity of rating action indicates Fitch's
opinion that ultimate shortfalls on the class A2 tranche cannot
be ruled out, with losses probable if not inevitable further down
the capital structure.
The other remaining loan in the pool is the Brunel Shopping
Centre loan. The borrower had insufficient funds this quarter to
supplement rental income. This resulted in no amortization and a
senior interest shortfall on the loan. The special servicer,
Solutus Advisors, continues to evaluate recovery options.
However, an investor report has not yet been made available
outlining recent progress.
RANGERS FOOTBALL: Administrators Extend Bid Deadline
----------------------------------------------------
Stephen Halliday at The Scotsman reports that administrators Duff
and Phelps on Friday night extended their deadline for bids to
buy Rangers and rebuffed Paul Murray's request for the process to
be resolved before next weekend's Old Firm game at Ibrox.
Mr. Murray's Blue Knights consortium was among "several" parties
to submit conditional offers for Rangers by close of business on
Friday, the cut-off point which had been set by Duff and Phelps,
the Scotsman discloses. Sale Sharks owner Brian Kennedy also
lodged his bid, the Scotsman relates.
Former Rangers director Murray claimed there is "no reason" why
his offer could not be put in place before the club's next home
fixture against Celtic on March 25, according to the Scotsman.
But David Whitehouse, managing director of Duff and Phelps,
released a statement shortly before 7:00 on Friday night which
appeared to make it clear there will be no rapid conclusion to
Rangers' insolvency event, the Scotsman notes.
The administrators now say they remain open to alternative bids
and insist greater clarity is required on several aspects of the
club's financial crisis before any deal can be done, the Scotsman
discloses.
Paul Murray, who has expressed his willingness to step aside if a
better offer is made, outlined the key factors of his bid in a
statement on Friday night, the Scotsman relates. His consortium
includes representatives from all three of the main Rangers
supporters' groups as well as Ticketus, the Scotsman states.
"We firmly believe that our bid is in the best interests of the
club and its fans," Mr. Murray, as cited by the Scotsman, said.
"We're ready to go, we have the finances in place and we want to
get the club stabilized as quickly as possible. Like every other
Rangers fan, I'd love there to be some certainty about the future
of our club before next weekend's Old Firm game. It would
provide a massive boost to the team and its fans ahead of such an
important game. To our mind there is no reason why that can't be
achieved -- we hope the administrators will agree."
That agreement was not forthcoming when Duff and Phelps released
their own statement, leaving considerable room for doubt over
whether Rangers can come out of administration through a Company
Voluntary Arrangement with creditors, as preferred by the Blue
Knights, instead of liquidation, the Scotsman discloses.
"Through a CVA rather than liquidation, the club will benefit
from being able to qualify for future European competition and
access the significant revenues associated with this," the
Scotsman quotes Mr. Murray as saying in a statement. "Preserving
this revenue stream, and the club's 140 year old legacy, is
paramount and in the best interests of all parties. The
consortium has the ability to provide the club with the financial
stability it needs to continue to perform at the highest level of
competition."
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.
VIRIDIAN GROUP: Fitch Upgrades Issuer Default Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has upgraded Viridian Group Investments Limited's
(VGIL) Long-term Issuer Default Rating (IDR) to 'BB-' from 'CCC'
and removed it from Rating Watch Positive (RWP). Fitch has also
assigned Viridian Group Fundco II Limited's notes a senior
secured rating of 'BB' and Viridian Group Limited's (VGL) and
Viridian Power and Energy Holdings Limited's (VPEHL) super senior
revolving credit facility (RCF) a senior secured rating of 'BB+'.
The Outlook on the IDR is Negative.
The upgrade is driven by the completed refinancing of its senior
loan (GBP450 million) and Viridian's Group Holdings Limited
(VGHL) junior debt (GBP549 million) from the proceeds of the
senior notes issued, new equity and other instruments. The
completion of the capital structure refinancing has resolved
VGIL's weak liquidity and in conjunction with planned disposals
of assets, should result in reduced leverage.
The Negative Outlook reflects less headroom in case of sluggish
business performance, resulting in post-refinancing credit
metrics which are weaker than Fitch expected. The nominal post-
refinancing debt balance is around 3.5% higher, as is projected
annual interest expense, because the GBP418 million 11.125% bonds
were issued at a discount (Viridian Group Fundco II Ltd received
GBP405 million resulting in an effective yield of 12%). Based on
its assumptions, Fitch now expects a weak (for the current rating
level) funds from operations (FFO) gross interest coverage ratio
averaging 1.8x for 2013-2015 period, a weak FFO gross adjusted
leverage averaging 4.6x and adequate net debt to EBITDAR
averaging 3.6x. The IDR assumes that these ratios will improve
to levels that are fully commensurate with the current rating
level by 2015. Fitch would consider stabilizing the Outlook once
it has visibility that ratio guidelines will be met. If VGIL's
cash flows do not reach Fitch's expectation over the next 18
months, the agency may downgrade the ratings by one notch.
VGIL's ratings are supported by its business risk profile, which
includes predictable earnings from its regulated and quasi-
regulated activities. Its regulated retail supply and
procurement businesses generated 25% of total EBITDA in FYE11.
VGIL's quasi-regulated earnings mainly derive from capacity
payments for its combined cycle gas turbine (CCGT) plants, which
represented another 39% of total EBITDA in FYE11. The latter is
not comparable with network-based regulated businesses, although
it is credit-enhancing in terms of earnings predictability.
The IDR is further supported by the expectation that the company
will generate positive free cash flow and therefore de-lever over
the forecast period, largely due to its small capex requirement
and no dividend pay-out at least until March 2014. As all debt
has bullet maturities, deleveraging will only occur on a net debt
basis as the company builds up a cash balance. However, Fitch
also notes that the company has the ability to redeem up to 10%
of the notes at 103 every year until 2015.
The agency applied its transitional recovery value analysis in
arriving at the instrument ratings. The super-senior RCF's
higher rating reflects its first priority ranking in terms of
proceeds on enforcement relative to the proposed secured notes.
The GBP225 million RCF due in 2016 is primarily a working capital
and liquidity facility of which the GBP125 million sub-limit
applicable to loans (excluding loans relating to cash
collateralization of letters of credit) was not drawn as part of
the refinancing.
Fitch has not consolidated the GBP182 million junior facility to
be issued at the VGHL level and, therefore excluded this from
leverage and coverage ratios. The features of this instrument
match Fitch's perception of a true holdco PIK instrument.
VGIL's post-refinancing liquidity is adequate with around GBP21m
of cash, a fully undrawn GBP125 million sub-limit of the RCF
applicable to loans, and it has no short-term debt maturities.
===============
X X X X X X X X
===============
* EUROPE: EU Plan for Orderly Wind-Up of Failing Banks Nears
------------------------------------------------------------
Jim Brunsden at Bloomberg News reports that a European Union
official said the "moment is approaching" for the EU to publish
plans for the orderly winding down of failing banks.
According to Reuters, the official said that the European
Commission is finalizing the proposals. Reuters notes that the
official said the situation on financial markets had improved
since the proposals were delayed last year in line with EU rules.
Regulators have called for legal powers to write doubt bank
creditors as part of a set of measures to prevent lenders being
too-big-to-fail, Reuters discloses. The Financial Stability
Board last year called for such so-called bail-in regimes to be
put in place for all international banks, Reuters recounts.
* 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
TELENET GRP HLDG TNET MT -346984203 4652950529
TELENET GRP HLDG TNET EO -346984203 4652950529
TELENET GRP HLDG TNETUSD EO -346984203 4652950529
TELENET GRP HLDG TNET IX -346984203 4652950529
TELENET GRP HLDG TNET TQ -346984203 4652950529
TELENET GRP HLDG TNETGBX EO -346984203 4652950529
TELENET GRP HLDG TNET GK -346984203 4652950529
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
GREEN WIND ENERG GW BY -11320362.7 176234029.6
GREEN WIND ENERG GWEUR EO -11320362.7 176234029.6
GREEN WIND ENERG GW EU -11320362.7 176234029.6
GREEN WIND ENERG GW DC -11320362.7 176234029.6
GREEN WIND ENERG GWEUR EU -11320362.7 176234029.6
GREEN WIND ENERG GW PZ -11320362.7 176234029.6
GREEN WIND ENERG GW EO -11320362.7 176234029.6
GREEN WIND ENERG G7W1 GR -11320362.7 176234029.6
GREEN WIND ENERG G7W GR -11320362.7 176234029.6
HOLDINGSELSKABET BOHC IX -11320362.7 176234029.6
HOLDINGSELSKABET BODIL DC -11320362.7 176234029.6
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
ROSKILDE BANK RSKC IX -532868841 7876687324
ROSKILDE BANK ROSKF US -532868841 7876687324
ROSKILDE BANK ROSBF US -532868841 7876687324
ROSKILDE BANK RKI GR -532868841 7876687324
ROSKILDE BANK ROSK PZ -532868841 7876687324
ROSKILDE BANK ROSK EU -532868841 7876687324
ROSKILDE BANK ROSK DC -532868841 7876687324
ROSKILDE BANK-RT 916603Q DC -532868841 7876687324
ROSKILDE BAN-NEW ROSKN DC -532868841 7876687324
ROSKILDE BAN-RTS ROSKT DC -532868841 7876687324
SCANDINAVIAN BRA SBSD PZ -14819232 148553764.3
SCANDINAVIAN BRA SBS DC -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1 BY -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EU -14819232 148553764.3
SCANDINAVIAN BRA SBS1 EO -14819232 148553764.3
SCANDINAVIAN BRA SBS1EUR EU -14819232 148553764.3
SCANDINAVIAN BRA SBSC IX -14819232 148553764.3
SCHAUMANN PROP SCHAUP PZ -101428499 298588010.2
SCHAUMANN PROP SCHAUP EU -101428499 298588010.2
SCHAUMANN PROP SCHAU BY -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EO -101428499 298588010.2
SCHAUMANN PROP SCHAU EO -101428499 298588010.2
SCHAUMANN PROP SCHAUP DC -101428499 298588010.2
SCHAUMANN PROP SCHAU EU -101428499 298588010.2
SCHAUMANN PROP SCHAUEUR EU -101428499 298588010.2
SUZLON WIND ENER 3985532Z DC -50030922.8 151671948.3
FRANCE
------
3 SUISSES FRANCE 4724713Z FP -77651653.3 330011633.6
AIR COMMAND SYST 4470055Z FP -24012413.9 236706831.5
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PFLEIDERER-REG PFD4 NR -97572495.9 1832488196
PFLEIDERER-REG PFD4 TH -97572495.9 1832488196
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GREECE
------
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T BANK ASPT PZ -46224213.4 3486115450
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T BANK TBANK EU -46224213.4 3486115450
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T BANK ASPT EU -46224213.4 3486115450
THEMELIODOMI THEME GA -55751173.8 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.8 232036822.6
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UNITED TEXTILES UTEX EU -163114842 286539436.9
UNITED TEXTILES NAOYK GA -163114842 286539436.9
HUNGARY
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HUNGARIAN TELEPH HUC EX -73723992 827192000
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ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
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EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
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EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
IRELAND
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MCINERNEY HLDGS MCI VX -137972149 304108432.2
MCINERNEY HLDGS MNEYF US -137972149 304108432.2
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MCINERNEY HLDGS MK9C PZ -137972149 304108432.2
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MCINERNEY PROP-A MCIYF US -137972149 304108432.2
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WATERFORD WE-RTS WTFN ID -505729895 820803256
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ITALY
-----
AS ROMA SPA ASR IM -63822544.7 148818665.4
AS ROMA SPA ASR EB -63822544.7 148818665.4
AS ROMA SPA ASRO IX -63822544.7 148818665.4
AS ROMA SPA ASR BQ -63822544.7 148818665.4
AS ROMA SPA RO9 GR -63822544.7 148818665.4
AS ROMA SPA ASR TQ -63822544.7 148818665.4
AS ROMA SPA ASR QM -63822544.7 148818665.4
AS ROMA SPA ASR IX -63822544.7 148818665.4
AS ROMA SPA ASR PZ -63822544.7 148818665.4
AS ROMA SPA ASR EO -63822544.7 148818665.4
AS ROMA SPA ASRAF US -63822544.7 148818665.4
AS ROMA SPA ASR EU -63822544.7 148818665.4
AS ROMA SPA-RTS ASRAA IM -63822544.7 148818665.4
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JERSEY
------
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LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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NETHERLANDS
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SWEDEN
------
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NORWAY
------
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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
SWEDISH MATCH AB SWMAGBX EU -271007468 2011731785
SWEDISH MATCH AB SWMAGBX EO -271007468 2011731785
SWEDISH MATCH AB SWMAF US -271007468 2011731785
SWEDISH MATCH AB SWMA BY -271007468 2011731785
SWEDISH MATCH AB SWMA EB -271007468 2011731785
SWEDISH MATCH AB SWMA QM -271007468 2011731785
SWEDISH MATCH AB SWMA LI -271007468 2011731785
SWEDISH MATCH AB SWMA GK -271007468 2011731785
SWEDISH MATCH AB SWMA S1 -271007468 2011731785
SWEDISH MATCH AB SWMAEUR EU -271007468 2011731785
SWEDISH MATCH AB SWM TH -271007468 2011731785
SWEDISH MATCH AB SWMAGBP EO -271007468 2011731785
SWEDISH MATCH AB SWMA TQ -271007468 2011731785
SWEDISH MATCH AB SWMA SS -271007468 2011731785
SWEDISH MATCH AB SWMA NR -271007468 2011731785
SWEDISH MATCH AB SWMAUSD EU -271007468 2011731785
SWEDISH MATCH AB SWMA PZ -271007468 2011731785
SWEDISH MATCH- B SWMWF US -271007468 2011731785
SWEDISH MATCH-B 3033P US -271007468 2011731785
SWEDISH MAT-RTS SWMYR US -271007468 2011731785
SWEDISH M-UN ADR SWMAY US -271007468 2011731785
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.1 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.1 147075077.7
IKTISAT FINAN-RT IKTFNR TI -46900666.6 108228233.6
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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 * * *