/raid1/www/Hosts/bankrupt/TCREUR_Public/120724.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, July 24, 2012, Vol. 13, No. 146
Headlines
B E L A R U S
BELARUSBANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
B U L G A R I A
BTC: Creditors Agree to Sell 93.99% Stake to Two Investors
F I N L A N D
NOKIA: Fitch Lowers Senior Unsecured Rating to 'BB-'
I R E L A N D
ATLANTIC HOMECARE: High Court Allows Two Stores to Remain Open
DEKANIA EUROPE: S&P Lowers Ratings on 4 Note Classes to 'CCC-'
TITAN EUROPE: Fitch Affirms 'Dsf' Ratings on Two Note Classes
I T A L Y
CREDICO FUNDING 3: S&P Lowers Rating on Class D Notes to 'CCC-'
SMART SME: Fitch Downgrades Rating on Class D Notes to 'Bsf'
L U X E M B O U R G
MOSSI & GHISOLFI: Moody's Withdraws '(P)B2' Bond Rating
N E T H E R L A N D S
CREDIT EUROPE: Fitch Affirms 'BB' LT Issuer Default Ratings
EUROCREDIT CDO III: S&P Cuts Ratings on 2 Note Classes to 'CCC+'
SNS REAAL: S&P Affirms 'BB+' Rating on Junior Subordinated Debt
P O L A N D
HIDROELECTRICA SA: May Exit Bankruptcy in Fourth Quarter
R U S S I A
ALFA-BANK: S&P Withdraws 'BB+' Bank Survivability Assessments
BANK VTB: Fitch Lowers Viability Rating to 'bb-'
RUSFINANCE BANK: Fitch Upgrades Viability Rating to 'bb'
S L O V E N I A
ZVON ENA: Receiver Admits EUR876.3 Million in Claims
S P A I N
BBVA HIPOTECARIO 3: Fitch Affirms 'BBsf' Rating on Class C Notes
SANTANDER EMPRESAS: Fitch Affirms 'Csf' Rating on Class F Notes
SMART 2006-1: Fitch Downgrades Rating on Class D Notes to 'Bsf'
* SPAIN: Euro-Area Finance Ministers Approve Bank Bailout Plan
T U R K E Y
BANKPOZITIF KREDI: Fitch Affirms Viability Rating at 'b+'
U K R A I N E
* CITY OF KYIV: Fitch Affirms 'B-' Long-Term Currency Ratings
* CITY OF KHARKOV: Fitch Affirms 'B' Long-Term Currency Ratings
U N I T E D K I N G D O M
ETHEL AUSTIN: Enters Into Administration for Fourth Time
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
=============
B E L A R U S
=============
BELARUSBANK: S&P Affirms 'B-/C' Counterparty Credit Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-/C' long- and
short-term counterparty credit ratings on JSC Savings Bank
Belarusbank. The outlook is stable.
"The rating action reflects the stability of the bank's business
and financial profile, despite difficult operating conditions in
Belarus. The ratings on Belarusbank are constrained by the
sovereign foreign currency credit ratings on Belarus, because the
bank operates exclusively within the country and remains highly
exposed to sovereign-related risk. The bank's stand-alone credit
profile (SACP), at 'b', is, however, one notch higher than the
rating on Belarus, having improved after a capital increase in
late 2011," S&P said.
"Belarusbank's capitalization has strengthened following a
Belarusian ruble 12.9 trillion (US$1.5 billion) Tier 1 capital
injection by the Belarus government on Dec. 30, 2011. The bank's
risk-adjusted capital ratio, before adjustments for
diversification, was 6% at year-end 2011. We project that the
ratio will weaken to below 5% in 2012-2013 due to loan growth in
line with inflation, weak earnings generation, a lack of further
capital injections, and a small dividend payout. The projected
level is nevertheless much higher than before the capital
increase. Accordingly, we are revising our assessment of the
bank's capital and earnings to 'weak' from 'very weak' and
raising our assessment of its SACP to 'b' from 'b-'," S&P said.
"We classify Belarusbank as a government-related entity (GRE)
under our criteria. However, we do not factor in explicit
government support because the long-term rating on the bank is
already at the level of the long-term sovereign rating. We
believe Belarusbank plays a 'very important' role for, and has a
'very strong' link with, the government, resulting in a 'very
high' likelihood of government support in the event of need," S&P
said.
"We do not expect any change in Belarusbank's 'very important'
role over the next 12-18 months, despite a general reduction of
lending under government support programs and the transfer of
some lending under these programs to recently created Development
Bank (not rated). Belarusbank's 'very strong' link with the
government is also unlikely to change, despite a government
announcement that it will allow the privatization of a minority
stake in the bank, which we consider highly unlikely in current
market conditions," S&P said.
"Under our criteria, we use Banking Industry Country Risk
Assessment economic risk and industry risk scores to determine a
bank's anchor, the starting point in assigning an issuer credit
rating. Our anchor for a bank operating only in Belarus is 'b-'.
Our ratings on Belarusbank reflect its 'b-' anchor. They also
reflect its 'strong' business position, 'weak' capital and
earnings, 'adequate' risk position, 'above average' funding, and
'adequate' liquidity, as our criteria define those terms," S&P
said.
"The stable outlook on Belarusbank is in line with that on
Belarus and reflects our view of the stability of the bank's
business and financial profile, despite difficult operating
conditions in Belarus," S&P said.
===============
B U L G A R I A
===============
BTC: Creditors Agree to Sell 93.99% Stake to Two Investors
----------------------------------------------------------
SeeNews reports that BTC said its creditors agreed on the sale of
a 93.99% stake in the company to two financial investors.
According to SeeNews, BTC said in a statement filed with the
Sofia bourse late on Thursday that the investors will provide the
senior secured creditors EUR130 million (US$159.7 million) in
exchange for a majority stake in the telco.
BTC's creditors have picked a tie-in comprising Bulgaria's
Corporate Commercial Bank and Russia's VTB Capital as buyer of
the majority stake, SeeNews says, citing local business newspaper
Capital Daily.
Following the deal, the telecommunications group debt would be
reduced to EUR588 million, SeeNews notes.
BTC's statement added the creditors will have the option to sell
their entire stakes to the two investors for a total of EUR617
million, SeeNews relates.
The acquisitions price is expected to be between 0.81 and 1.92
levs (US$0.51-US$1.21/EUR0.41-EUR0.98) per share, depending on
the sale option the creditors choose, SeeNews says.
The deal is expected to be wrapped up in September, SeeNews
states.
According to SeeNews, after the deal is finalized, in compliance
with Bulgaria's legislation, the new majority owner will launch a
buyout bid for the rest of the shares.
BTC is a Bulgarian telecommunications group.
=============
F I N L A N D
=============
NOKIA: Fitch Lowers Senior Unsecured Rating to 'BB-'
----------------------------------------------------
Fitch Ratings has downgraded Nokia's Long-term Issuer Default
Rating (IDR) and senior unsecured rating to 'BB-' from 'BB+'.
The Outlook on the Long-term IDR is Negative.
Fitch had previously guided that it would take a negative rating
action if it was not convinced that Nokia could stabilize the
revenue declines and be capable of generating positive single
digit operating margins in its Devices and Services division.
The release of Nokia's Q212 results indicate that the company is
currently not near this position and Fitch is not convinced that
this can be attained anytime soon.
Nokia's net cash position of EUR4.2 billion and gross cash of
EUR9.4 billion at Q212 is strong and is currently supporting the
rating. This is expected to be eroded significantly by
restructuring charges over the coming two years. Also, the
company's operating margins are negative. Non-IFRS operating
margin fell to -9.1% in Q212 from -3.4% in Q112, although
inventory related write-downs did negatively affect Q2 margins.
If these operational losses are not reversed, the support that
the cash cushion gives the rating is going to be eroded faster,
which could lead to further downgrades.
Fitch believes that the company does not have products in its
current portfolio that can stem the recent losses. The release
of a Windows 8 suite of products now appears crucial. However,
the degree of competition in the industry would suggest that it
is going to be difficult to re-establish a significant presence
in the smartphone market. Numerous handset makers have issued
profit warnings recently. For Nokia, an adjusted gross margin
profile of around 16% in its Smart Devices division is unlikely
to support a profitable smartphone business and Fitch remains
unconvinced of Nokia's ability to improve pricing in this
segment. Furthermore, the announcement that the current batch of
Lumia devices will not be able to upgrade to Windows 8 is likely
to put additional pressures on Nokia in the coming quarters.
Given all of these headwinds, there is a significant risk that
the company's performance will continue to deteriorate. Despite
the size of the company's restructuring initiatives, including a
targeted reduction in Devices and Services operating expenses to
a run-rate of EUR3.0 billion by YE13, Fitch is currently not
convinced that the company will be able to stabilize revenues and
reach an operating profit breakeven point. The Outlook is likely
to remain Negative until this is foreseeable.
What Could Trigger a Rating Action?
Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
-- If Fitch does not believe that Nokia is capable of
stabilizing the revenue declines and halting the operational
cash burns at some stage in 2013, then further negative
rating action could be taken. The expected new suite of
products must show that it is attractive to consumers and
that it can win back market share. If this fails to
materialize, further downgrades are likely.
-- The maintenance of the net cash position is also key. If
the company does not look like it can maintain a positive
net cash position, then a negative rating action could also
be taken.
=============
I R E L A N D
=============
ATLANTIC HOMECARE: High Court Allows Two Stores to Remain Open
--------------------------------------------------------------
Irish Examiner reports that the High Court has decided to keep
open two Atlantic Homecare stores which had been marked for
closure.
The firm went into administration last month with the closure of
five of its 13 outlets, Irish Examiner recounts.
According to Irish Examiner, the High Court on Friday announced
that the Atlantic Homecare stores in Galway and the Liffey Valley
Centre in Dublin would remain open under a decision by the
examiner appointed to oversee the administration of the company.
The move means 40 jobs will be saved, Irish Examienr discloses.
Atlantic Homecare is a DIY company.
DEKANIA EUROPE: S&P Lowers Ratings on 4 Note Classes to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services took various rating actions on
the notes issued by Dekania Europe CDO II PLC.
"The rating actions follow our assessment of the transaction's
performance using data from the latest available trustee report
dated June 16, 2012 (including the note valuation report), our
cash flow analysis, and the application of our relevant criteria
for transactions of this type," S&P said.
"The current 'AA- (sf)' rating on the class A1 notes reflects our
assessment of Assured Guaranty (UK) Ltd.'s (AA-/Stable/--)
financial guarantee for the class A1 notes. Under the terms of
the guarantee, the insurer guarantees the timely payment of
interest and the ultimate principal repayment of the class A1
notes. We have therefore affirmed our 'AA- (sf)' rating on the
class A1 notes," S&P said.
"The results of our cash flow analysis signal a potentially
higher rating level for the class B notes. However, we have
affirmed our 'BBB- (sf)' rating on the class B notes because not
all of the assets in the underlying portfolio may exercise their
option to call and fully redeem their existing debt, thereby
increasing the risk of default from these obligors," S&P said.
"The largest obligor supplemental test at the 'CCC-' rating level
continues to affect the class E notes, which are also unable to
pass our cash flow stresses at higher rating levels. We have
therefore affirmed our 'CCC- (sf)' rating on the class E notes,"
S&P said.
"Similarly, the class P combination notes comprise components of
the class E notes and the subordinated notes. Due to the current
performance of the class E notes, we have affirmed our 'CCC-
(sf)' rating on the class P combination notes," S&P said.
"In our analysis, we note that the deleveraging of the class A1
notes since our previous review in July 2010 has increased the
level of credit enhancement available to the class A2-A and A2-B
notes. This, in turn, has improved the levels of defaults we
believe these notes can withstand under our cash flow analysis
to the extent that the class A2 notes are now able to achieve
higher ratings. We have therefore raised our ratings on the class
A2-A and A2-B notes," S&P said.
"We have lowered our ratings on the class C, D1, and D2 notes
following our assessment of the deteriorating credit quality of
the collateral supporting the collateralized debt obligation
(CDO) tranches due to increased exposure to obligors that have
experienced downgrades into the 'CCC' rating category. In
addition, we have found that the largest obligor supplemental
test at the 'CCC-' rating level continues to affect the class D1
and D2 notes," S&P said.
"The class Q and R combination notes include the class D1 and D2
notes as components. Our downgrades of the class D notes
therefore directly affect the class Q and R combination notes. As
a result, we have lowered our ratings on the class Q and R
combination notes," S&P said.
"Dekania Europe CDO II is a cash flow CDO. A portfolio of
subordinated debt securities (issued primarily by European
insurance, bank, and homebuilding companies) collateralizes the
transaction. Our analysis indicates that approximately 80% of the
assets held in the underlying portfolio are 'hybrid' capital
securities and that perpetual securities account for 23% of the
total performing balance," 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
Dekania Europe CDO II PLC
EUR315 Million Fixed and Floating-Rate Notes
Ratings Raised
A2-A A- (sf) BBB+ (sf)
A2-B A- (sf) BBB+ (sf)
Ratings Affirmed
A1 AA- (sf)
B BBB- (sf)
E CCC- (sf)
P Combo CCC- (sf)
Ratings Lowered
C B (sf) B+ (sf)
D1 CCC- (sf) CCC (sf)
D2 CCC- (sf) CCC (sf)
Q Combo CCC- (sf) CCC (sf)
R Combo CCC- (sf) CCC (sf)
TITAN EUROPE: Fitch Affirms 'Dsf' Ratings on Two Note Classes
-------------------------------------------------------------
Fitch Ratings has downgraded Titan Europe 2007-2 Limited's Class
A2, B, C and D notes and affirms the others, as follows:
-- EUR435.5m Class A1 (XS0302915060) affirmed at 'AAsf';
Outlook Negative
-- EUR227.9m Class A2 (XS0302916381) downgraded to 'BBBsf' from
'Asf'; Outlook Negative
-- EUR154.3m Class B (XS0302917272) downgraded to 'CCCsf' from
'BBsf'; Recovery Estimate (RE) RE70%
-- EUR115.2m Class C (XS0302917512) downgraded to 'CCsf' from
'CCCsf'; RE0%
-- EUR86.1m Class D (XS0302917868) downgraded to 'CCsf' from
'CCCsf'; RE0%
-- EUR37.9m Class E (XS0302919138) affirmed at 'CCsf'; RE0%
-- EUR18.5m Class F (XS0302919641) affirmed at 'Dsf'; RE0%
-- EUR0m Class G (XS0302920730) affirmed at 'Dsf'; RE0%, rating
withdrawn
The downgrades have primarily been driven by ongoing
deterioration of the transaction's largest loan (accounting for
40% of the pool), a EUR428.5 million syndicated portion of the
EUR779.1 million MPC Portfolio A-note (which defaulted at
maturity). Although four loans have repaid in full in the past
year (contributing EUR85.8 million in total), besides MPC five
smaller loans defaulted at maturity over the same period (of
which one, the EUR7.9 million Nantes loan, has been granted
safeguard protection). Nevertheless, in Fitch's opinion the pool
(in particular the second and third-largest loans) still offers
robust collateral value, as reflected in the affirmation of the
Class A1 note. With its unusually high credit enhancement, this
class is somewhat detached from the underperformance of
individual loans.
The MPC Portfolio loan is secured on a portfolio of 93
secondary/tertiary Dutch commercial properties. After three one-
year contractual extensions to the loan's original maturity
(January 2009), the loan finally defaulted at the extended
maturity date, January 2012. Subsequent negotiations between the
servicer (Capita Asset Services (Ireland) Limited, 'CPS2+'), the
borrower and other involved parties regarding a restructuring
were terminated when one undisclosed party opted for a workout
instead, subject to which a new special servicer, Hudson Advisors
UK Limited ('CSS2-'), was appointed.
After the transfer into special servicing, a new valuation of the
MPC collateral was procured, revealing a fall to EUR388.6 million
from EUR606.8 million in December 2010. While Fitch has not seen
the valuation report, the decline reflects falling occupancy and
rents combined with a lack of investor appetite for non-prime
Dutch real estate. It is unclear what commitment the sponsor has
shown to the portfolio, which may have eroded in quality in
recent years. Fitch expects the loan to make a loss of
approximately 50%.
A revaluation of the EUR79.5 million Finnish Cobalt portfolio
resulted in an LTV increase to 123% in April 2012, up from 73%
previously. This comes as no surprise to Fitch, which estimated
an LTV around 120% in 2011. The loan matures in 2014 and is
likely to go through a protracted workout process.
The second-largest loan is the restructured EUR319.4 million
Project Christie loan, which continues to perform in line with
expectations. The A-note is amortizing by between EUR3 million
and EUR4 million per quarter, using excess rent from the four
underlying German retail assets. The third largest, the EUR124
million Urbis loan, is also repaying gradually, via asset sales.
Execution has been strong, with only 46 of the original 85
properties (comprising German office, multifamily housing, retail
and mixed-use assets) remaining as at April 2012.
One defaulted loan, the EUR128.2 million Portier loan, has been
resolved, resulting in a loss allocation to the junior notes in
January 2012, which in turn were downgraded to 'Dsf'. As no more
interest or principal payments are expected for Class G, its
'Dsf'/RE0% rating has been withdrawn. On July 20, 2012, the
servicer announced the three-month extension of the EUR52.9
million Skoduv Palace. It also announced the redemption of the
defaulted EUR10.2 million Sauber loan via discounted pay-off,
which will result in EUR0.14 million reduction of the already
'Dsf'-rated class F notes.
=========
I T A L Y
=========
CREDICO FUNDING 3: S&P Lowers Rating on Class D Notes to 'CCC-'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on all six of Credico
Funding 3 S.r.l.'s outstanding EUR1,188.290 million rated classes
of notes.
Credico Funding 3 is a cash flow collateralized debt obligation
(CDO) backed by a static portfolio of bonds issued by cooperative
banks (banche di credito cooperative) that are part of Italy-
based Iccrea Banca SpA's (BBB/Negative/A-2) network. The
transaction closed in June 2007.
"On Dec. 21, 2011, we placed on CreditWatch negative all of our
ratings in Credico Funding 3, following our rating actions on the
banks in Iccrea Banca's network, and on the Republic of Italy,"
S&P said.
"The rating actions resolve these CreditWatch negative
placements, and follow our periodic assessment of the
transaction's performance. We have used data from the trustee
report (dated June 11, 2012), performed our credit and cash flow
analysis, and considered recent transaction developments. We have
applied our 2009 cash flow criteria and our 2012 counterparty
criteria," S&P said.
"Since our previous review of the transaction on Aug. 12, 2010,
we have observed negative ratings migration of the portfolio--
particularly with increased levels of assets that we consider to
be rated in the 'CCC' category ('CCC+', 'CCC', or 'CCC-'), as
detailed in table 1," S&P said.
Table 1
Portfolio Ratings Migration
Rating/credit estimate (%) of portfolio
June 2007 August 2010 July 2012
BBB 36.08 0.00 0.41
BBB- 5.79 0.00 0.00
BB+ 0.00 0.00 0.00
BB 47.79 47.93 26.42
BB- 0.00 0.00 0.00
B+ 0.00 0.00 0.00
B 10.34 48.79 56.73
B- 0.00 0.00 0.00
CCC+ 0.00 0.00 0.00
CCC 0.00 3.27 14.4
CCC- 0.00 0.00 2.04
"We have subjected the capital structure to our cash flow
analysis, based on the methodology and assumptions in our 2009
cash flow criteria, to determine the break-even default rate
(BDR) at each rating level. We have used the reported portfolio
balance that we consider to be performing, the principal cash
balance, the weighted-average spread, and the weighted-average
recovery rates that we consider to be appropriate. We have
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 have also conducted our credit analysis, to
determine the scenario default rate (SDR) at each rating level,
which we then compared with its respective BDR," S&P said.
"Taking into account our credit and cash flow analysis, we
consider the level of credit enhancement available to all classes
of notes in this transaction to be commensurate with lower
ratings then we previously assigned. We have therefore lowered
and removed from CreditWatch negative our ratings on all classes
of notes in Credico Funding 3," S&P said.
"Our ratings on the class A-2, B, D, and E notes were constrained
by the application of our largest obligor default test -- a
supplemental stress in our 2009 cash flow criteria. None of our
ratings was affected by the application of our largest industry
default test -- another of our supplemental stress tests. Our
rating on the class C notes reflects their credit enhancement
level, position in the priority of payments, and performance
under our cash flow analysis--all of which we have considered
alongside our supplemental test outcomes," S&P said.
"We have analyzed the derivative counterparties' exposure to the
transaction under our 2012 counterparty criteria, and concluded
that the derivative exposure is currently sufficiently limited,
so as not to affect the ratings that we have assigned. However,
our rating on the class A-1 notes was constrained by our rating
on Iccrea Banca as the custodian because, in our view, the
counterparty downgrade provisions in the transaction documents do
not reflect our 2012 counterparty criteria--thus capping our
ratings in this transaction at our long-term issuer credit rating
on Iccrea Banca, so 'BBB'," S&P said.
"Our outlooks on Iccrea Banca and its network are negative,
reflecting our view that the deterioration of economic and
competitive conditions in Italy could weaken the network's
financials beyond our baseline expectations. More specifically,
we could lower our ratings on Iccrea Banca and its network if our
risk-adjusted capital ratio declines below 10%. We could also
lower our rating if, in our opinion, the network underperforms
significantly compared with its peers, with an earnings ratio
more indicative of a lower rating. Any such downgrade of Iccrea
Banca would have a direct impact on our rating on Credico Funding
3's class A-1 notes," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Credico Funding 3 S.r.l.
EUR1.223 Billion Asset-Backed Floating-Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A-1 BBB (sf) A (sf)/Watch Neg
A-2 BB+ (sf) BBB+ (sf)/Watch Neg
B BB+ (sf) BBB- (sf)/Watch Neg
C B- (sf) BB- (sf)/Watch Neg
D CCC- (sf) B- (sf)/Watch Neg
E CCC- (sf) CCC- (sf)/Watch Neg
SMART SME: Fitch Downgrades Rating on Class D Notes to 'Bsf'
------------------------------------------------------------
Fitch Ratings has downgraded SMART SME CLO 2006-1's notes, as
follows:
-- EUR87m class A notes (ISIN: XS0276638938): downgraded to
'AAsf' from 'AAAsf'; Negative Outlook
-- EUR118.9m class B notes (ISIN: XS0276639407): downgraded to
'BBBsf' from 'BBB+sf'; Negative Outlook
-- EUR45m class C notes (ISIN: XS0276640082): downgraded to
'BBsf' from 'BB+sf'; Negative Outlook
-- EUR49.3m class D notes (ISIN: XS0276640595): downgraded to
'Bsf' from 'B+sf'; Negative Outlook
-- EUR58m class E notes (ISIN: XS0276640835): affirmed at
'CCsf'; assigned Recovery Estimate (RR) of 'RE0%'
The downgrades reflect the exposure to Spanish and Italian assets
that make up 20.2% and 3.3% respectively of the total pool volume
as of March 31, 2012. Fitch regards assets from Spain and Italy
as more vulnerable given the economic conditions in both
countries. Further, in the agency's view, the transaction is
exposed to significant refinancing risk since all the loans are
scheduled to mature within the short period of time until
scheduled maturity. Additionally, the lowest-rated bucket that
comprises assets rated at or below 'iCCC' rated according to
Deutsche Bank's (DB) internal rating scale remains at a high
level. Although the share of this bucket relative to the
portfolio volume has not changed over the past year, it remains
at around 10% which, in the agency's view, is not commensurate
with the current ratings of the notes.
Fitch applied its portfolio credit model (PCM) to assess the
credit quality of the portfolio. For this reason, the agency
mapped the originator's internal ratings to Fitch's one-year
probability of defaults by using DB's rating migration tables.
Additionally, the agency applied additional stress to obligor
groups larger than 0.50% of the current pool and to Spanish
assets from the real estate and construction industries. While
the pool composition has remained largely unchanged since the
last review in August 2011, in the agency's view, the available
credit protection to the notes is insufficient to provide for
expected losses in the respective rating scenarios. Fitch notes
that the expected default and loss rates are primarily driven by
Spanish and Italian exposure as opposed to the German assets.
The replenishing period can continue until the scheduled maturity
date of 27 December 2013 unless terminated earlier for
performance reasons. During this period, no additional credit
enhancement can build up. Additionally, during the replenishing
period the share of Spanish and Italian assets can increase to
25% and 12%, respectively, of the total outstanding pool balance.
These weaknesses of the transaction are reflected in the Negative
Outlook on all the notes rated above 'CCC'.
Despite the high share of the lowest-rated bucket, Fitch notes
that all realized losses have been covered by synthetic excess
spread (SXS) to date. Accordingly, the rated notes have not
incurred any losses. Fitch regards the SXS mechanism as strength
of the securitization since the SXS references the initial pool
balance and the year in which the credit events have occurred.
Due to these features, the SXS is a fixed amount per year and is
not dependent on work-out timing. Despite the strong SXS
mechanism, only 18% of the total defaulted assets have been
liquidated to date. As more defaulted assets are liquidated, the
SXS may be insufficient to provide for all additional realized
losses.
Fitch assigned a Recovery Estimate (RE) to the 'CCsf'-rated class
E note. REs are forward-looking, taking into account Fitch's
expectations for principal repayments on distressed structured
finance securities rated 'CCCsf' or below.
The transaction is a partially funded synthetic collateralized
debt obligation (CDO) referencing a portfolio of loans, revolving
credit facilities and other payment claims to SMEs based
predominantly in Germany, but also in Spain and Italy. The debt
instruments were originated by Deutsche Bank AG
('A+'/Stable/'F1+') and its Spanish and Italian subsidiaries.
===================
L U X E M B O U R G
===================
MOSSI & GHISOLFI: Moody's Withdraws '(P)B2' Bond Rating
-------------------------------------------------------
Moody's Investors Service has withdrawn the provisional (P)B2
rating that it assigned on February 3, 2012 to the proposed
issuance of US$500 million of senior secured guaranteed notes by
M&G Finance Corporation, a US subsidiary of Mossi & Ghisolfi
International S.A. ("M&G"). This action follows M&G's decision to
postpone indefinitely the notes issuance. Concurrently, Moody's
has reaffirmed the B2 corporate family rating (CFR) with a
negative outlook.
Ratings Rationale
The B2 CFR reflects a mid-chemical-cycle positioning for a
chemical player with an adequate business profile when compared
to direct competitors in the PET industry, but still vulnerable
to major risks related to the cyclicality and volatility of its
reference niche market.
More specifically, the B2 CFR reflects our recognition of the
Company's niche market position in North and Latin America, the
relatively modest size of M&G compared with most of its rated
chemical peers, its lack of vertical integration, its medium to
low historical profitability and the relatively fragile debt
capital structure, characterized by a large exposure to short
term bank facilities in Brazil and Mexico for which the company
is seeking rollover agreements on an annual basis.
The rating also takes into account the relatively weak financial
performance and credit metrics recorded by M&G in 2009, as a
result of the global financial crisis, as well as the
improvements achieved in 2010 and 2011, mainly driven by higher
PET margins, which in turn lead to better credit metrics. Moody's
considers M&G's financial profile to be vulnerable in a downside
scenario, due to (i) the company's relatively high historical PET
margin volatility, due to key feedstock prices correlated to oil-
price movements; and (ii) its relatively high level of debt, both
in absolute terms and with reference to EBITDA (as adjusted by
Moody's).
Liquidity
M&G's liquidity profile in the next 12 to 18 months is adequate.
Main sources of liquidity are EUR81 million in cash balances and
EUR36 million available under committed long term revolving
credit facilities (as of March 31, 2012), as well as operating
cash flows, which Moody's expects will be positive, assuming PET
margins remain within the range recorded in the past three years.
These resources are expected to be sufficient to address the
expected cash outflows, mainly represented by debt repayments of
c. EUR94 million in 2012 and EUR89 million in 2013. Other
scheduled outflows are modest, and mainly related to maintenance
capex in the region of EUR6 million per quarter, while no
dividend is expected to be paid.
Furthermore, M&G finances its working capital requirements by
borrowing under c. EUR170 million short-term bi-lateral
facilities with several relationship banks in Mexico and Brazil.
Brazilian and Mexican lenders typically provide short term loans
for working capital purposes, which generally are rolled over at
maturity. Moody's positively notes that so far M&G was able to
routinely roll over the vast majority of its short term bank
facilities every year, even during the peak of the last recession
in 2009, and more recently it was able to extend to 2015 the
maturity of two large revolver Mexican bank facilities totaling
US$160 million and originally due in early 2012 and 2013
respectively. Moody's expects that the company will continue to
be able to proactively manage the short term maturity profile of
its several bilateral facilities borrowed in Brazil and Mexico,
in line with its past practice, and to retain adequate headroom
under its committed long term revolving bank facilities and its
financial covenants.
Rating Outlook
The outlook is negative, and reflects Moody's concerns related to
the vulnerability of the debt structure of the company in a
potential downturn scenario, due to the large amount of short
term debt, and the recurring need to roll over a substantial
amount of bilateral facilities on an annual basis to preserve an
adequate liquidity headroom.
WHAT COULD CHANGE THE RATING UP/DOWN
We consider a rating upgrade as unlikely, at least until the
company improves its debt structure and materially reduces its
substantial reliance on short term facilities.
We would consider downgrading the rating in case of a material
deterioration in the operating performance, resulting in (i)
lower profitability over a prolonged period, with the adjusted
EBITDA margin materially below 10%; (ii) negative FCF generation;
(iii) a total Gross Debt/EBITDA ratio exceeding 5x; (iv) a
materially weaker liquidity position, which might result from an
insufficient rescheduling of short term debt obligations; and/or
(v) a breach of the financial covenants. Any decision to progress
on the capex plan in the US without adequate committed long term
funding, including substantial equity, to cover the whole
project, could put negative pressure on the rating. Furthermore,
a reduced degree of transparency from the company to enable
Moody's to monitor the liquidity and financial profile would
contribute towards a negative review of the rating.
Principal Methodology
The principal methodology used in rating Mossi & Ghisolfi
International S.A. was the Global Chemical Industry Methodology
published in December 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.
Mossi & Ghisolfi International S.A. is one of the leading
international producers of PET, a thermoplastic polymer resin of
the polyester family used for packaging applications, especially
for the beverage, food and personal care industries. As a result
of an international expansion strategy begun in 2001, M&G has
become the world's second-largest producer of PET in terms of
installed capacity, and the largest producer in the combined
North and South American region. The company currently owns three
production sites, strategically located in the United States,
Brazil and Mexico. The sites have a total PET nominal capacity of
1.7 million tons per year. In 2011, M&G reported consolidated
revenues of EUR1.87 billion and EBITDA of EUR154 million.
=====================
N E T H E R L A N D S
=====================
CREDIT EUROPE: Fitch Affirms 'BB' LT Issuer Default Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed Credit Europe Bank N.V.'s (CEB) and
Credit Europe Bank Ltd's (CEBR) Long-term Issuer Default Ratings
(IDRs) at 'BB' and 'BB-', respectively. The agency has also
affirmed CEB's Viability Rating (VR) of 'bb' and upgraded CEBR's
VR to 'bb- 'from 'b+'. The Outlooks on the Long-term IDRs remain
Stable.
CEB's Long-term IDR is driven by its standalone strength and is
equalized with its VR, as Fitch believes that while there is a
possibility that its owner, FIBAG, may support it in case of
need, its ability to do so cannot be measured by Fitch and hence
the agency does not rely on such possible support in its ratings.
Given the bank's ownership structure and small franchise in the
Dutch market, Fitch also does not include any potential support
from the Dutch State in its rating. This is reflected in the
Support Rating of '5' and Support Rating Floor of 'No Floor'.
CEB's VR reflects the banks good liquidity profile, in place to
deal with the relatively higher risk nature of the bank's balance
sheet, and its experienced management team, which has enabled
performance to remain resilient. The bank continues to grow its
retail deposit base and reduce subsidiary funding reliance, which
Fitch considers positive.
However, the VR also reflects the fact that a large proportion of
CEB's loan portfolio is granted in relatively high risk emerging
markets (80% of gross-loans at end-2011) and is highly
concentrated by borrower and by sector, particularly towards the
real estate sector. Fitch believes that regulatory risk may be a
concern in the future given that the bank is partly funding
emerging market assets with deposits collected in the European
Union. However, the moves towards self-financing of the
subsidiaries may help reduce this risk.
Asset quality has moderately deteriorated, although strong loan
growth has partially masked this trend. At end-2011, the bank
had an impaired loans ratio of 4.8% (end-2010: 4.6%). The
deterioration is largely attributable to the bank's Romanian
exposure. Fitch believes asset quality will continue to
deteriorate modestly over the medium term given the volatile
economic conditions.
CEB's current level of capitalization is considered by Fitch to
be a negative rating driver given its emerging market exposure
and planned growth ambitions. The bank reported a Fitch core
capital ratio of 8.63% at end-2011, around 90 bps lower than at
end-2010 partly because of the first time consolidation of its
Turkish subsidiary in late 2011. The ratio does not take into
account the concentration in its loan book.
CEB's VR is sensitive to further deterioration in capital
resulting from fast growth as well as any increase in the risk
profile of its emerging market exposure. Any increased industry
or name concentrations as well as further asset impairment would
likely result in a downgrade of both its VR and in its Long-term
IDR. Fitch sees little upward potential in the bank's ratings,
although they may benefit from a longer track record of stable
performance and stronger capitalization.
The upgrade of CEBR's VR reflects the consistent track record of
strong performance, sustained quality of management, adequate
credit risks, solid capital, and moderate improvements in the
bank's funding profile. CEBR's ROAE for 2011 was a strong 18%
underpinned by an improved net interest margin and low credit
costs. The bank's gross loan book grew by 33% in 2011 driven by
a rapid increase in retail lending, particularly the bank's
traditionally strong car financing franchise.
Credit risks remained well managed, with NPL generation below 2%
of average performing loans. CEBR's capital also remains solid
with a Fitch core capital ratio above 18% at end-2011, meaning
the bank can almost double its loan impairment reserves to 14% of
the portfolio before breaching regulatory capital requirements
under a hypothetical stress scenario.
The share of wholesale and money market funding and fiduciary
deposits has decreased somewhat but remains significant at 54% of
liabilities at end-2011. While in the remainder of 2012 CEBR may
need to redeem around RUB13 billion (16% of liabilities) of
wholesale and money market debt (excluding US$133 million piece
of syndicated loan maturing in August 2012 already agreed to be
renewed), the bank's liquidity buffer net of upcoming repayments
is an adequate mitigant covering over 50% of customer accounts
outstanding as of end-4M12.
CEBR's VR is unlikely to be upgraded again in the near term.
However, a strengthening of the bank's domestic funding
franchise, somewhat lower concentrations in the bank's corporate
lending and continuation of the bank's solid performance would be
positive for the standalone credit profile. The VR could be
downgraded if there was a marked deterioration in asset quality
or large distribution of capital to the parent.
Following the upgrade of the VR, it now drives CEBR's Long-term
IDR. At the same time, the Long-term IDR is also underpinned by
potential support from CEB. The Long-term IDR could be upgraded
if there was either an upgrade of CEB or an upgrade of the VR.
The Long-term IDR could be downgraded if both CEB's Long-term IDR
and CEBR's VR were downgraded.
The rating actions are as follows:
CEB
-- Long-Term Foreign Currency IDR affirmed at 'BB' Stable
Outlook
-- Short-Term Foreign Currency IDR affirmed at 'B'
-- Viability Rating affirmed at 'bb'
-- Support Rating affirmed at '5'
-- Support Rating Floor affirmed at 'NF'
CEBR
-- Long-term foreign currency IDR: affirmed at 'BB-'; Outlook
Stable
-- National Long-term rating: affirmed 'A+(rus)'; Outlook
Stable
-- Short-term foreign currency IDR: affirmed at 'B'
-- Viability rating: upgraded to 'bb-' from 'b+'
-- Support Rating: affirmed at '3'
-- Senior unsecured debt Long-term rating: affirmed at 'BB-'
-- Senior unsecured debt National Long-term rating: affirmed at
'A+(rus)
EUROCREDIT CDO III: S&P Cuts Ratings on 2 Note Classes to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions on all classes of notes in Eurocredit CDO III B.V.
Specifically, S&P:
-- raised its ratings on the class B notes and class R
combination notes;
-- lowered its ratings on the class E-1 and E-2 notes; and
-- affirmed its ratings on the class A1, A2, C-1, C-2, D1, and
D2 notes.
"Eurocredit CDO III is a cash flow collateralized debt obligation
(CDO) transaction that securitizes loans to primarily
speculative-grade corporate firms. The transaction closed in
September 2003 and is managed by Intermediate Capital Managers
Ltd.," S&P said
"The rating actions follow our assessment of the transaction's
performance. We used data from the trustee report (dated June 15,
2012), performed our credit and cash flow analysis, and took into
account recent transaction developments. We have also applied our
2012 counterparty criteria and our cash flow criteria," S&P said.
"From our analysis, we have observed an increase in the
proportion of assets that we consider to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-') and defaulted assets (rated
'CC', 'C', 'SD' [selective default], or 'D') in the collateral
pool, since we previously performed a full review of this
transaction in November 2010. The transaction's reinvestment
period ended in 2008, and since then, scheduled principal
proceeds have been used toward the redemption of the senior
notes," S&P said.
"The class E par value test continues to fail the trigger
required under the transaction documents (it was also failing
during at our November 2010 review). The result of this trigger
breach is that the transaction is using interest proceeds to
redeem the senior notes. All other par value tests (the class
A/B, C, and D par value tests) continue to perform above the
required triggers. The weighted-average spread on the collateral
pool is now 2.92%, compared with 2.93% at our last review," S&P
said.
"We note that more than 20% of the collateral pool pays interest
less frequently than the note payment frequency. There has been a
small degree of negative rating migration in the pool. The class
R combination notes have further paid down, resulting in better
credit enhancement for this class," S&P said.
"We factored in the above observations and subjected the capital
structure to our cash flow analysis, based on the methodology and
assumptions outlined by our September 2009 cash flow criteria, to
determine the break-even default rate (BDR). We used the reported
portfolio balance that we considered to be performing, the
principal cash balance, 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," S&P said.
"At the same time, we conducted our credit analysis to determine
the scenario default rate (SDR), which used Standard & Poor's CDO
Evaluator to determine the default rate expected on a defined
portfolio at each rating level, and which we then compared with
its respective BDR," S&P said.
"Taking into account our credit and cash flow analysis, we
consider the credit enhancement available to the class B and
class R combination notes in this transaction to be commensurate
with higher ratings than we previously assigned. We have
therefore raised our ratings on these classes of notes," S&P
said.
"We consider the credit enhancement available to the class A1,
A2, C-1, C-2, D1, and D2 notes in this transaction to be
commensurate with the current ratings. We have therefore affirmed
our ratings on these classes of notes," S&P said.
"Our ratings on the class E-1 and E-2 notes are constrained by
the application of the largest obligor default test, a
supplemental stress test we introduced in our 2009 criteria
update that is intended to address both event risk and model risk
that may be present in the transaction," S&P said.
"We have analyzed the derivative counterparties' exposure to the
transaction, and concluded that the counterparty exposure is
currently sufficiently limited, so as not to affect the ratings
that we have assigned," 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
Eurocredit CDO III B.V.
EUR231.3 Million Fixed- and Floating-Rate Notes and Accreting
Notes
Ratings Raised
B AA- (sf) A+ (sf)
R (Combo) BBB (sf) BB+ (sf)
Ratings Lowered
E-1 CCC+ (sf) B- (sf)
E-2 CCC+ (sf) B- (sf)
Ratings Affirmed
A1 AA+ (sf)
A2 AA+ (sf)
C-1 BB+ (sf)
C-2 BB+ (sf)
D1 B+ (sf)
D2 B+ (sf)
SNS REAAL: S&P Affirms 'BB+' Rating on Junior Subordinated Debt
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherlands-based bancassurance group SNS REAAL N.V. (SNS REAAL,
or the group) and its subsidiary SNS Bank N.V to negative from
stable. "At the same time, we affirmed the 'BBB/A-3' long- and
short-term counterparty credit ratings on SNS REAAL and the
'BBB+/A-2' long- and short-term counterparty credit ratings on
SNS Bank," S&P said.
"In addition, the 'BB+' and 'BBB-' ratings on the junior
subordinated debt of both entities were placed on CreditWatch
negative. All other debt ratings have been affirmed," S&P said.
"The ratings on the group's insurance entities have been placed
on CreditWatch developing, due to uncertainty over their future
ownership, structure, and composition," S&P said.
"The outlook revision primarily reflects our view that SNS REAAL
may consider some options as a result of its strategic review
that could weaken its overall franchise and earnings
diversification. The possibility of business disposals was
highlighted in the group's market update of July 13, 2012. We
believe that the group could consider options such as the sale of
parts or all of its insurance operations, which we view as having
a stronger credit profile compared with the bank. We understand
that the purpose of any business disposal would be to facilitate
the repayment by end-2013 of the capital securities received from
the Dutch government in November 2008. As we had highlighted in
previous publications earlier this year, we believe that the
current economic backdrop makes the commitment to repay the
government securities a more onerous undertaking, despite the
group's rapid progress against its initial capital release
program," S&P said.
"The ratings on SNS REAAL are based on our view of the combined
strength of its banking and insurance operations. They are
underpinned, to some extent, by our view of the relatively
stronger profile of the insurance operations compared to the
bank. The group's life and non-life operations (SRLEV N.V. and
REAAL Schadeverzekeringen) currently have a stand-alone credit
profile (SACP) of 'a', compared with the bank, which has an SACP
of 'bbb'. We believe that the execution of some insurance asset
disposals could lead to a weakening of the overall group's
franchise and earnings quality. In addition, the issuer credit
ratings (ICRs) on the group and the bank would be more sensitive
to developments that affect the bank's SACP," S&P said.
"At the bank level, we see some downside risk to our 'adequate'
assessment of the bank's business position, including possible
strategic distraction due to its business disposals. We also
incorporate this into our negative outlook on SNS Bank and SNS
REAAL," S&P said.
"Under our criteria, the ICR on SNS Bank benefits from one notch
of group support above its SACP, underpinned by the size and our
view of the relatively stronger profile of its sister insurance
companies. As a result of the group support approach followed, we
do not factor any uplift for potential extraordinary government
support into the ratings on SNS Bank. Nevertheless, we consider
that the bank has 'moderate' systemic importance in The
Netherlands, a country that we consider to be 'supportive' to its
banking system, as our criteria define these terms. As a result,
if we did not factor group support into the ratings on the bank,
the ICR could still benefit from a one-notch uplift above its
SACP under our government support approach," S&P said.
"Along with other insurance holding companies in the group, we
rate SNS REAAL one notch below the operating entities in line
with our criteria for rating nonoperating holding companies," S&P
said.
"The negative outlook on SNS REAAL and SNS Bank primarily
reflects our view that SNS REAAL may consider some options as a
result of its strategic review that could weaken its overall
franchise and earnings diversification," S&P said.
"Some downside risk to the bank's SACP could arise, for example,
if we revised our assessment of its business position to
'moderate' from 'adequate' based on evidence of erosion in its
franchise or strategic distraction due to business sales. We
could lower the ratings on the group and the bank if their
liquidity position or overall capitalization were to weaken," S&P
said.
S&P said it would likely revise its outlook to stable if it saw:
-- A reduction in the bank's impairment charges to a level that
S&P considers to be more supportive of meaningful capital
generation by the bank;
-- An extension of the deadline for the repayment of the
government capital securities without materially adverse
conditions being imposed by the national or European
authorities; or
-- Other evidence of the group's ability to meet its capital
repayment commitment without materially eroding its
franchise.
"We expect to resolve the CreditWatch on the ratings on SNS REAAL
and SNS Bank's hybrid instruments once we have more insight into
the likely outcome of the strategic review and its likely impact
on the risk profile of these instruments," S&P said.
"Resolution of the CreditWatch could result in a downgrade of the
instruments by at least one notch. If we were to include uplift
for government, rather than group, support in the ICRs on both
entities--for example, if the group were to sell a large part or
all of its insurance operations--we would not factor any
government support into the ratings on the hybrids. If the group
were granted an extension of the deadline for the repayment of
the government capital securities we would also try and assess
whether possible EC-imposed conditions would affect coupon
payment on the hybrids," S&P said.
===========
P O L A N D
===========
HIDROELECTRICA SA: May Exit Bankruptcy in Fourth Quarter
--------------------------------------------------------
Florentina Dragu at Ziarul Financiar reports that Romanian
Economy Minister Daniel Chitoiu Friday said power producer
Hidrolectrica could emerge from bankruptcy by the fourth quarter
of 2012 at the latest.
As reported by the Troubled Company Reporter-Europe on June 22,
2012, Bloomberg News reports that Remus Borza, the judiciary
administrator in Hidroelectrica's case, said a Romanian court
approved the insolvency of Hidroelectica as the company looks to
reorganize itself.
Hidroelectrica is a Romanian state-owned hydropower producer.
===========
R U S S I A
===========
ALFA-BANK: S&P Withdraws 'BB+' Bank Survivability Assessments
-------------------------------------------------------------
Standard & Poor's Ratings Services had withdrawn its 'BB+' bank
survivability assessments on Russia-based OJSC Alfa-Bank. "In
line with existing criteria, we no longer maintain bank
survivability assessments," S&P said.
Standard & Poor's ratings on OJSC Alfa-Bank are unaffected by
this action.
BANK VTB: Fitch Lowers Viability Rating to 'bb-'
------------------------------------------------
Fitch Ratings has downgraded JSC Bank VTB's Viability Rating (VR)
to 'bb-' from 'bb' and Russian Agricultural Bank's (Rusag) VR to
'b' from 'b+'. The agency has affirmed CJSC Bank VTB24's VR at
'bb'. The three state-owned banks' support-driven ratings,
including their 'BBB' Long-term Issuer Default Ratings, are
unaffected by the current rating actions, and will be reviewed
separately.
The downgrade of VTB's VR reflects the bank's moderate
capitalization, increased concerns about market risk
appetite/tolerance and volatility of earnings, and the still high
level of credit risk in the bank's loan book and other asset
exposures. At the same time, the rating also considers the bank's
broad franchise, currently adequate liquidity and limited
refinancing risk, and the solid performance of the bank's retail
subsidiary, VTB24.
VTB has shown an improvement since end-2010 in management-
reported non-performing loan (NPL) and restructured ratios, with
the former standing at 5.5% at end-Q112. This was mainly driven
by loan growth. Fitch is concerned about increased exposure to
real estate sector (114% of Fitch core capital), which at the top
end is very concentrated and, in agency's view, weakly reserved;
significant risks and reliance on collateral in some of the other
larger loan and investment exposures; and continued build-up of
accrued interest, with the total accumulated figure equal to 29%
of Fitch core capital at end-Q112. Positively, interest accruals
slowed down in Q112, but the sustainability of this trend needs
to be confirmed.
Capitalization (Fitch core capital ratio of 8.5% at end-Q112, up
from 7.8% at end-2011), provides only modest loss absorption
potential. Quality of earnings is weak, with about half of 2011
pre-impairment profit coming from one-off/non-cash items, while
the volatility of trading results suggests high and increased
appetite/tolerance for market risk (although Fitch has been
informed that a reduction in market risk exposures is ongoing).
On a positive note, liquidity is currently reasonable, with Fitch
calculating the available buffer at end-Q112 sufficient to cover
37% of customer accounts.
VTB's VR could be upgraded if capitalization and performance
strengthened and asset quality improved. However, the rating
could be downgraded if there were further credit or market driven
losses resulting in increased pressure on the bank's solvency.
The affirmation of VTB 24's (VTB's retail banking subsidiary) VR
reflects the bank's continued strong financial metrics as
measured by loan portfolio performance, profitability, funding
and liquidity. However, the rating also considers the bank's
reduced capitalization following rapid growth and dividend
payments to the parent.
VTB24's VR is closely linked to that of its parent given the
relatively high degree of fungibility of capital and liquidity
between the two entities. An upgrade of VTB24's VR would
therefore likely require an upgrade of VTB's VR, as well as
continued strong performance of VTB24's retail business and
strengthening of its capitalization. A downgrade of VTB's VR, or
an increase in credit risks at VTB24 as it plans to augment its
existing upper mass market franchise with greater focus on lower
mass market customers, could result in a downgrade of VTB24's VR.
The downgrade of Rusag's VR reflects Fitch's concerns about
ongoing and potential future deterioration in the bank's asset
quality. The VR also considers the bank's weak profitability and
high, although declining reliance on wholesale funding. However,
the rating also reflects deposit stability and continued access
to market funding, which support liquidity and provide
flexibility in recognizing and managing asset quality problems.
RusAg's reported ratio of loans overdue by 90 days or more
increased only moderately during 2011, to 12% from 10%. However,
this partly reflected significant loan growth, with the absolute
increase in 90 day overdue loans during the year (RUB44 billion)
equal to 5.8% of the starting balance. Restructured loans were
also a high 24% at end-2011, and reserve coverage (64% of 90 day
overdue loans) remains moderate. Moreover, in Fitch's view,
reported asset quality figures may significantly understate the
amount of potential problems due to the slow seasoning of the
bank's long-term loan book, where most borrowers also benefit
from interest rate subsidies, in Fitch's view potentially making
it harder to assess borrowers' own ability to service loans, and
high underlying credit risks arising from the rapid creation of
the loan portfolio in a relatively high risk sector of the
economy.
The Fitch core capital ratio stood at 12.7% at end-2011, offering
only limited capacity to absorb further loan impairment. Pre-
impairment profit is moderate (equal to 2.7% of average gross
loans in 2011), and net income has been close to zero for the
last three years due to provision creation. The loans/deposits
ratio was a high 161% at end-2011 (albeit down from 267% at end-
2009).
RusAg's VR could be downgraded further if the bank recognizes
marked increased impairment in its loan book, putting pressure on
the bank's solvency, or if Fitch believes underlying credit
quality is showing clearer signs of deterioration. The VR could
stabilize at its current level if further capital injections
materially strengthen the bank's loss absorption capacity.
The banks' ratings are as follows:
VTB:
-- Long-term foreign and local currency IDR: 'BBB'; Outlook
Stable
-- Short-term IDR: 'F3'
-- Support Rating: '2'
-- Support Rating Floor: 'BBB'
-- National Long-term Rating: 'AAA(rus)', Outlook Stable
-- Senior unsecured debt long-term rating:'BBB', 'AAA(rus)'
-- Senior unsecured debt short-term rating: 'F3'
-- Viability Rating downgraded to 'bb-' from 'bb'
VTB24:
-- Long-term IDR: 'BBB'; Outlook Stable
-- Short-term IDR: 'F3'
-- Support Rating: '2'
-- National Long-term Rating: 'AAA(rus)', Outlook Stable
-- Senior unsecured debt long-term rating:'BBB', 'AAA(rus)'
-- Senior unsecured debt short-term rating: 'F3'
-- Viability Rating affirmed at 'bb'
RusAg:
-- Long-term foreign and local currency IDR: 'BBB'; Outlook
Stable
-- Short-term IDR: 'F3'
-- Support Rating: '2'
-- Support Rating Floor: 'BBB'
-- National Long-term Rating: 'AAA(rus)', Outlook Stable
-- Senior unsecured debt long-term rating:'BBB', 'AAA(rus)'
-- Senior unsecured debt short-term rating: 'F3'
-- Subordinated debt: 'BBB-'
-- Viability Rating downgraded to 'b' from 'b+'
RUSFINANCE BANK: Fitch Upgrades Viability Rating to 'bb'
--------------------------------------------------------
Fitch Ratings has assigned Russia's Rusfinance Bank (RFB) a Long-
term Issuer Default Rating (IDR) of 'BBB+' with a Stable Outlook.
At the same time, Fitch has affirmed Rosbank's Long-term Issuer
Default Ratings (IDR) at 'BBB+' with a Stable Outlook, upgraded
the bank's Viability Rating (VR) to 'bb' from 'bb-' and removed
it from Rating Watch Positive (RWP).
RFB's and Rosbank's IDRs and Support Ratings are driven by
potential support the banks may receive from their ultimate
parent, France's Societe Generale (SG; 'A+'/Negative; 82.4% stake
in Rosbank which in its turn owns 100% of RFB) and constrained by
the Russian Country Ceiling of 'BBB+'. In Fitch's view, SG would
have a strong propensity to support the banks, given its
controlling stakes; SG's strategic commitment to the Russian
market; the recent consolidation of SG's Russian bank assets
around Rosbank; the banks' still small size relative to the SG
group (limiting the burden of any support required); and the
significant contagion risks for SG's broader Central and Eastern
European franchise from any default of its Russian banks.
The banks' Long-term IDRs could be downgraded if Russia's Country
Ceiling ('BBB+') was lowered, or if there was a multi-notch
downgrade of SG or a marked reduction in the strategic importance
of the Russian market for SG, none of which are currently
anticipated. The ratings could be upgraded if Russia's sovereign
rating ('BBB') and Country Ceiling were upgraded.
The assessment of Rosbank's VR was based primarily on Fitch's
review of the bank's 2011 audited accounts. These are the first
financial statements to consolidate subsidiaries Delta Credit and
RFB, specializing in mortgage lending and car finance
respectively and acquired from SG in January 2011, and to reflect
Rosbank's merger with Bank Societe Generale Vostok (BSGV, also
formally fully owned by SG) in July 2011. The review confirmed
Fitch's estimates and understanding of the bank's consolidated
financial profile, which had previously led the agency to place
the VR on RWP.
The upgrade of Rosbank's VR reflects its broad country-wide
retail franchise resulting in its solid market share in car
lending and mortgages; adequate capitalization on a consolidated
basis; healthy liquidity profile and somewhat stronger corporate
governance standards and prudence in underwriting, translating
into a lower share of relationship based corporate lending than
at most Russian privately-owned and state-controlled banks. At
the same time, Rosbank's VR factors in high dependence on parent
funding, especially at the level of its retail subsidiaries,
tightly managed capital on a standalone basis and still weak
operating efficiency at the parent bank post-merger.
Rosbank's consolidated loan book is dominated by retail lending
(60% of end-2011 loans), which contributes to Rosbank's solid net
interest margin (8.4% in 2011) and is likely to remain the major
net income driver in the near term. In retail, Rosbank targets
less risky segments including car loans (24% of end-2011 loans)
and mortgages (18%), while the share of cash loans (8.5%) and
POS-loans (5.4%) is somewhat lower. The quality of Rosbank's
retail loans is reasonable. Although retail loans 90 days overdue
(non-performing loans, NPLs) equaled a high 10.6% of the end-2011
retail portfolio, Fitch understands that most of these were
originated during the Q408-Q109 crisis, while loan generations
issued in 2011 show lower NPL levels, mostly in line with market
averages.
Fitch considers the credit quality of most of Rosbank's largest
corporate loans to be reasonable since the bank's largest
borrowers are leading Russian corporates with sound financial
standing and/or benefiting from potential support from the
authorities. Most problems sit among legacy construction and
real estate loans (8% of end-2011 loans), as 25% of the latter
are NPLs and a further 61% rolled-over. As a mitigant, these
loans are adequately secured by already operating properties in
most cases. The rest of Rosbank's corporate loan book is mostly
represented by short-term, fast amortizing and fairly liquid
exposures. Provisioning is adequate as 93% of end-2011 NPLs are
covered by loan impairment reserves (LIR).
The majority of Rosbank's reasonably diversified funding is
sourced locally: 56% of end-2011 liabilities related to customer
accounts (retail to corporate split 35:65) and a further 10%
comprised local bonds. At the same time, Fitch notes the
significant dependence on parent funding (16% of end-2011
liabilities), which is primarily used to fund Delta Credit and
RFB. The liquidity buffer, which consists of cash, short-term
interbank placements and the securities book (almost all eligible
for repo with the Central Bank of Russia) of RUB140 billion at
end-2011 was solid and covered 40% of customer funding.
Refinancing risks are manageable as the share of third-party
wholesale funding is currently low; the bank has to repay only
RUB20bn of bonds in 2012.
Rosbank's profitability is only moderate, with the 2011 ROAE of
11% largely driven by the better performance and wider margins of
Rosbank's retail subsidiaries. On a standalone basis, Rosbank's
profitability is pressured by shrinking margins in corporate
lending and considerable efficiency problems related to the on-
going operational merger with BSGV. Fitch does not expect any
significant near-term improvements, at least until all post-
merger activities are completely finalized.
On a consolidated basis, the capital position of Rosbank compares
favorably with most of its peers with a Fitch core capital ratio
of 15.2% at end-2011. Rosbank's loss absorption capacity (LAC)
was sufficient to create additional impairment reserves equal to
a high 13% of end-2011 loans. At the same time, Fitch notes
Rosbank's tight capital on a standalone basis, with the
regulatory capital ratio standing at 11.6 at end-H112, reflecting
deductions of investments in subsidiaries, and a sizable Tier 2
component. Some comfort over Rosbank's capital management can be
taken from moderate de-leveraging capacity stemming from the
bank's mostly short-term corporate loan book.
Rosbank's VR could be upgraded if there were significant
improvements in operating efficiency, successful workouts of
remaining asset quality problems and continued alignment of risk
management with SG practices. The VR could be downgraded if
there was an unexpected deterioration in asset quality or sharp
downturn in the Russian operating environment.
RFB's 'bb' VR reflects the bank's stable nationwide car lending
franchise and considerable market share in this sector, good
performance through the last economic cycle, currently sound
profitability, strong capitalization reasonable asset quality and
moderate growth appetite. At the same time, RFB's VR factors in
significant dependence on parent funding and currency hedging,
relatively tight liquidity management and the likelihood of
increased competition in its market niche.
RFB's loan book is dominated by car lending (74% of end-2011
loans), and RFB was the third largest car lender in Russia in
2011. Point-of-sale loans accounts for 17% of the portfolio, and
unsecured cash lending 8%. RFB's retail products generate wide
net interest margins, and contribute to the bank's healthy
profitability with a 2011 ROAE of 20.1%.
Since RFB does not make significant bad loans write-offs, NPLs
were a high 12.5% at end-2011, albeit virtually fully
provisioned. Most of these were accumulated during the crisis in
2008-2009, and Fitch notes that car loan generations originated
since are of good quality with NPLs equalling a moderate 2%-3%
and the ultimate loss rate on average 50% lower due to
recoveries.
RFB's internal capital generation capacity is currently higher
than targeted loan growth which supports its solid capital
position. Fitch estimates that at end-H112 RFB's capital buffer
is sufficient to withstand credit losses equal to a further 13%
of the portfolio. Pre-impairment profit amounting to 7% of
average loans provides an additional safety margin, resulting in
strong loss absorption capacity.
The rating actions are as follows:
Rosbank
-- Long-term foreign and local currency IDRs: affirmed at
'BBB+'; Stable Outlook
-- Short-term foreign currency IDR: affirmed at 'F2'
-- Support Rating: affirmed at '2'
-- National Long-term rating: affirmed at 'AAA(rus)'; Stable
Outlook
-- Viability Rating: upgraded to 'bb' from 'bb-'; off RWP
-- Senior unsecured debt: affirmed at 'BBB+'/F2/'AAA(rus)
-- Expected senior unsecured debt: affirmed at 'BBB+
(exp)'/'AAA(exp)(rus)'
RFB:
-- Long-term foreign and local currency IDRs: assigned at
'BBB+'; Stable Outlook
-- Short-term foreign currency IDR: assigned at 'F2'
-- Support Rating: assigned at '2'
-- National Long-term rating: assigned at 'AAA(rus)'; Stable
Outlook
-- Viability Rating: assigned at 'bb'
-- Senior unsecured debt: assigned 'BBB+'/F2/'AAA(rus)
===============
S L O V E N I A
===============
ZVON ENA: Receiver Admits EUR876.3 Million in Claims
----------------------------------------------------
The Slovenia Times reports that the court-appointed receiver of
Church-owned Zvon Ena financial holding admitted EUR876.3 million
in claims, making the collapse of the erstwhile pillar of Church
finances one of the biggest bankruptcies in Slovenian corporate
history.
The state-owned NLB bank is by far the biggest creditor, having
registered claims worth EUR270 million, of which EUR250 million-
worth were admitted, the Slovenia Times says, data released by
the Agency for Public Legal Records and Related Services (AJPES).
The figure is far higher than unofficial figures from the recent
due diligence of the bank, which suggested NLB had EUR126
million-worth of bad loans to Zvon Ena, the Slovenia Times notes.
Slovenia's second largest bank, the majority state-owned NKBM,
registered claims worth EUR56 million, of which EUR43 million-
worth were admitted, the Slovenia Times discloses.
Zvon Ena entered bankruptcy in late February as the last Church-
controlled firm to collapse, the Slovenia Times recounts.
Claims against Zvon Ena, Zvon Dva and Gospodarstvo Rast, all of
which were directly or indirectly controlled by the Maribor
Archdiocese, exceed EUR1.6 billion, according to the Slovenia
Times.
=========
S P A I N
=========
BBVA HIPOTECARIO 3: Fitch Affirms 'BBsf' Rating on Class C Notes
----------------------------------------------------------------
Fitch Ratings has taken the following rating actions on BBVA
Hipotecario 3, F.T.A.'s notes:
-- EUR153.3m Class A2 (ISIN ES0314227010): 'AA-sf'; maintained
on Rating Watch Negative (RWN)
-- EUR46.5m Class B (ISIN ES0314227028): 'Asf'; maintained on
RWN
-- EUR15.7m Class C (ISIN ES0314227036): affirmed at 'BBsf';
Outlook Stable
Fitch has maintained the class A2 and B notes on RWN due to the
transaction's exposure to Banco Bilbao Vizcaya Argentaria (BBVA;
'BBB+'/Negative/'F2'). BBVA, which acts as the account bank in
the transaction, was downgraded on 11 June 2012 and is currently
not an eligible counterparty according to transaction
documentation.
The affirmation of the class C notes reflects high levels of
credit enhancement (CE). This has been increasing as a result of
deleveraging, which has offset deteriorating portfolio
performance. Loans more than 90 days in arrears currently
represent 4.0% of the portfolio balance, up from 0.9% in August
2011. The portfolio remains granular with the largest obligor
accounting for 1.3% of the portfolio notional and the ten largest
obligors making up 10.5% of the portfolio notional.
BBVA Hipotecario 3, F.T.A. (the issuer) is a static cash flow SME
CLO originated by Banco Bilbao Vizcaya Argentaria. At closing
the issuer used the note proceeds to purchase a EUR1.45bn
portfolio of secured loans granted to Spanish small and medium
enterprises and self-employed individuals.
SANTANDER EMPRESAS: Fitch Affirms 'Csf' Rating on Class F Notes
---------------------------------------------------------------
Fitch Ratings has upgraded two tranches and affirmed all other
tranches of FTA Santander Empresas 1 and 2 as follows:
FTA Santander Empresas 1:
-- Class A2 notes (ISIN ES0382041012): affirmed at 'AA-sf';
Outlook Negative
-- Class B notes (ISIN ES0382041020): affirmed at 'AA-sf';
Outlook Negative
-- Class C notes (ISIN ES0382041038): upgraded to 'AA-sf' from
'A+sf'; Outlook Negative
-- Class D notes (ISIN ES0382041046): affirmed at 'CCCsf';
RE80%
FTA Santander Empresas 2:
-- Class A2 notes (ISIN ES0338058011): affirmed at 'AA-sf' ;
Outlook Negative
-- Class B notes (ISIN ES0338058029): affirmed at 'AA-sf' ;
Outlook Negative
-- Class C notes (ISIN ES0338058037): upgraded to 'Asf' from
'BBBsf'; Outlook Stable
-- Class D notes (ISIN ES0338058045): affirmed at 'BBsf';
Outlook Stable
-- Class E notes (ISIN ES0338058052): affirmed at 'Bsf';
Outlook Negative
-- Class F notes (ISIN ES0338058060): affirmed at 'Csf'; RE0%
The affirmation of FTA Santander Empresas 1's class A2 and B
notes reflects the high levels of credit enhancement (CE) for the
notes and their ability to withstand Fitch's stresses on default
probability, recovery rates and correlation. The upgrade of the
class C notes was prompted by increased CE due to structural
deleveraging and stable transaction performance with low level of
current defaults at 1.17% of the current portfolio balance as of
May. 90+ arrears have been stable since the last review at
around 4% with limited negative migration. The Negative Outlook
assigned to all tranches rated 'AA-sf' reflects the Outlook on
the Spanish sovereign rating.
Santander Empresas 1's Class D notes were affirmed at 'CCCsf' to
reflect the notes' subordinated position in the capital structure
and increased vulnerability to obligor concentration. The top
obligor accounts for 4.63% of the current portfolio balance while
the top 20 obligors make up 27% compared with the 7.20% CE
available to the class D note. The Recovery Estimate (RE) of 80%
is based on the portfolio's high security coverage and agency's
recovery expectations. The level of the reserve fund has been
stable since the last review due to the low level of current
defaults and is close to the required level.
In FTA Santander Empresas 2, increased credit enhancement and
stable performance resulted in affirmations for the class A2, B,
D and E notes. 90+ arrears decreased to 2.22% of the outstanding
portfolio balance as of May while current defaults are low at 2%.
The Negative Outlook on the class E notes reflects concentration,
both at the obligor and industry levels, but all investment grade
notes have sufficient CE as protection against these high
concentration levels.
The class C note was upgraded due to high CE level for this note
compared with the agency's 'Asf' loss expectation as well as its
ability to withstand the default of top obligors. Fitch notes
the portfolio has high obligor concentration with the top obligor
at 8% of the current portfolio balance while the top 20 obligors
make up 40%. In terms of industry concentration, almost one-
third of the portfolio is concentrated in the real estate and
construction sectors. The reserve fund stands at 10% of the
current note balance but is significantly underfunded compared to
the required balance.
The class F notes have been affirmed at 'Csf' as the notes were
issued to fund the reserve and are not backed by assets. Given
the reduction in the reserve fund, default on the notes seems
inevitable unless the realized recoveries are substantially
higher than the agency's expectations.
Fitch has received confirmation from Santander de Titulizacion
SGFT, S.A., the SPV management company of the two transactions,
that counterparty remedial actions have been completed following
the most recent rating action on Banco Santander S.A. Both
transactions were initially exposed to Banco Santander, S.A.
('BBB+'/Negative/'F2'), which acted as bank account, paying agent
and/or swap counterparty. Fitch has been informed by the SPV
management company and transaction parties that remedial actions
have been fully implemented. Fitch understands that the account
bank roles are now held by Santander UK plc ('A'/Stable/'F1'),
and that cash collateralization of the swap agreements is also in
place with independent audit provided by an international audit
firm. Paying agency roles are still maintained by Banco
Santander SA, which is judged by Fitch as sufficient considering
its strong operational and credit track records.
SMART 2006-1: Fitch Downgrades Rating on Class D Notes to 'Bsf'
---------------------------------------------------------------
Fitch Ratings has downgraded SMART SME CLO 2006-1's notes, as
follows:
-- EUR87m class A notes (ISIN: XS0276638938): downgraded to
'AAsf' from 'AAAsf'; Negative Outlook
-- EUR118.9m class B notes (ISIN: XS0276639407): downgraded to
'BBBsf' from 'BBB+sf'; Negative Outlook
-- EUR45m class C notes (ISIN: XS0276640082): downgraded to
'BBsf' from 'BB+sf'; Negative Outlook
-- EUR49.3m class D notes (ISIN: XS0276640595): downgraded to
'Bsf' from 'B+sf'; Negative Outlook
-- EUR58m class E notes (ISIN: XS0276640835): affirmed at
'CCsf'; assigned Recovery Estimate (RR) of 'RE0%'
The downgrades reflect the exposure to Spanish and Italian assets
that make up 20.2% and 3.3% respectively of the total pool volume
as of March 31, 2012. Fitch regards assets from Spain and Italy
as more vulnerable given the economic conditions in both
countries. Further, in the agency's view, the transaction is
exposed to significant refinancing risk since all the loans are
scheduled to mature within the short period of time until
scheduled maturity. Additionally, the lowest-rated bucket that
comprises assets rated at or below 'iCCC' rated according to
Deutsche Bank's (DB) internal rating scale remains at a high
level. Although the share of this bucket relative to the
portfolio volume has not changed over the past year, it remains
at around 10% which, in the agency's view, is not commensurate
with the current ratings of the notes.
Fitch applied its portfolio credit model (PCM) to assess the
credit quality of the portfolio. For this reason, the agency
mapped the originator's internal ratings to Fitch's one-year
probability of defaults by using DB's rating migration tables.
Additionally, the agency applied additional stress to obligor
groups larger than 0.50% of the current pool and to Spanish
assets from the real estate and construction industries. While
the pool composition has remained largely unchanged since the
last review in August 2011, in the agency's view, the available
credit protection to the notes is insufficient to provide for
expected losses in the respective rating scenarios. Fitch notes
that the expected default and loss rates are primarily driven by
Spanish and Italian exposure as opposed to the German assets.
The replenishing period can continue until the scheduled maturity
date of 27 December 2013 unless terminated earlier for
performance reasons. During this period, no additional credit
enhancement can build up. Additionally, during the replenishing
period the share of Spanish and Italian assets can increase to
25% and 12%, respectively, of the total outstanding pool balance.
These weaknesses of the transaction are reflected in the Negative
Outlook on all the notes rated above 'CCC'.
Despite the high share of the lowest-rated bucket, Fitch notes
that all realized losses have been covered by synthetic excess
spread (SXS) to date. Accordingly, the rated notes have not
incurred any losses. Fitch regards the SXS mechanism as strength
of the securitization since the SXS references the initial pool
balance and the year in which the credit events have occurred.
Due to these features, the SXS is a fixed amount per year and is
not dependent on work-out timing. Despite the strong SXS
mechanism, only 18% of the total defaulted assets have been
liquidated to date. As more defaulted assets are liquidated, the
SXS may be insufficient to provide for all additional realized
losses.
Fitch assigned a Recovery Estimate (RE) to the 'CCsf'-rated class
E note. REs are forward-looking, taking into account Fitch's
expectations for principal repayments on distressed structured
finance securities rated 'CCCsf' or below.
The transaction is a partially funded synthetic collateralized
debt obligation (CDO) referencing a portfolio of loans, revolving
credit facilities and other payment claims to SMEs based
predominantly in Germany, but also in Spain and Italy. The debt
instruments were originated by Deutsche Bank AG
('A+'/Stable/'F1+') and its Spanish and Italian subsidiaries.
* SPAIN: Euro-Area Finance Ministers Approve Bank Bailout Plan
--------------------------------------------------------------
Rebecca Christie and Stephanie Bodoni at Bloomberg News report
that euro-area finance ministers gave final approval to as much
as EUR100 billion (US$122 billion) of bank aid for Spain, putting
Greece back on the front line of the bloc's crisis-fighting
agenda.
The decision paves the way for the European Financial Stability
Facility to raise EUR30 billion "which can be used in case of
urgent unexpected financing needs," Bloomberg quotes a statement
from the group of 17 ministers as saying. Banks will be able to
receive payments via the Spanish government's bank-rescue fund
after submitting approved restructuring plans, Bloomberg
discloses.
The ministers didn't decide on other aspects of their quest to
tame the debt crisis now in its third year, such as how they'll
make sure Greece can make a EUR3.1 billion bond payment in August
or tackle rising borrowing costs in Italy, Bloomberg notes.
Spain agreed to shore up its banking sector and rein in public
spending as a condition of the aid package, which will be spelled
out in a final memorandum of understanding "that will be signed
in coming days," according to Friday's statement, Bloomberg
relates. Spain's Fund for Orderly Bank Restructuring will
receive loans with an average maturity of up to 12.5 years, with
a 15-year maximum maturity for individual disbursements,
Bloomberg notes.
"Spain will be expected to maintain its commitments to correct
its excessive deficit in a sustainable manner by 2014 and to
adopt the structural reforms set out," Bloomberg quotes European
Union Economic and Monetary Affairs Commissioner Olli Rehn as
saying in a separate statement. He said the bank aid is for
solvent banks unable to find private financing, so they can
restructure and not require future public assistance, Bloomberg
relates.
According to Bloomberg, the memorandum said that an asset
management company, or bad bank, will be created to buy
"problematic assets of aided banks". The bad bank, set to be
operational by November, will buy mainly real-estate development
loans and foreclosed assets, as well as "other assets if and when
there are signs of strong deterioration", Bloomberg discloses.
"The involvement of the private sector in burden sharing would be
restricted to shareholders and junior bondhonders," Simon
O'Connor, a spokesman for Mr. Rehn's office, as cited by
Bloomberg, said in an interview on Bloomberg Television. "That's
made very clear in the memorandum."
Still, the document does open the door to liquidation of banks,
even as the Spanish officials said there were no plans to do so,
according to Bloomberg.
The document said that Spain will have to present "an orderly
resolution plan" for banks that aren't viable, which will protect
deposits, minimize the burden to the taxpayer and involve the
transfer of assets to the bad bank, Bloomberg notes.
Spain's bailout will start through the EFSF, which has EUR240
billion in remaining capacity, Bloomberg states. The permanent
EUR500 billion European Stability Mechanism is on hold until a
German court ruling due in September, Bloomberg says.
===========
T U R K E Y
===========
BANKPOZITIF KREDI: Fitch Affirms Viability Rating at 'b+'
---------------------------------------------------------
Fitch Ratings has affirmed BankPozitif Kredi ve Kalkinma Bankasi
A.S.'s Long-term foreign currency Issuer Default Rating (IDR) at
'BBB-'. The Outlook is Stable.
BankPozitif's controlling shareholder is Bank Hapoalim B.M.
(Hapoalim; 'A-'/Stable), owning 70% of the bank's shares.
BankPozitif's IDRs, National and Support Ratings are driven by
the high probability of the bank being supported by its majority
shareholder, if required. In assessing the likelihood of support
for BankPozitif, Fitch views positively the commitment of
Hapoalim, the substantial technical and managerial integration
with the parent bank and the regular capital and funding made
available to the bank. However, Fitch notes BankPozitif's
limited importance for Hapoalim's balance sheet and performance
due to its small size, and also believes there is some
uncertainty about whether any sovereign support made available to
Hapoalim would be allowed to flow through to a foreign
subsidiary. The ratings are sensitive to change in Hapoalim's
ratings or any indication of a material reduction in the parent's
commitment to its subsidiary.
BankPozitif's Viability Rating (VR) reflects its narrow
franchise, its move into technology based consumer lending and
reliance on wholesale funding due to its non-deposit taking
investment bank status. The VR also considers the bank's
improved asset quality, which is expected to become in line with
the banking system average by the end of July 2012, sound
liquidity and capitalization.
The bank's core business is corporate lending to large and medium
companies. However, in the retail segment, BankPozitif revised
its strategic focus in November 2011 to focus on technology based
consumer lending instead of physical direct sales force dependent
on long-term home equity loans. The decision was taken due to
the volatility in the global markets, which made it harder to
obtain long-term funding, and because management believed that in
the long run, the strategy will bring cost savings and increase
profitability. However, Fitch notes considerable credit and
operational risks with the implementation of the new strategy.
Fitch's base case expectation remains that the Turkish economy
will achieve a 'soft landing' in 2012, although the agency
forecasts GDP growth to slow to 2.8% from 8.5% in 2011, before
rising again to 4.5% in 2013. Bankpozitif's asset quality will
probably weaken as borrowers' ability to repay their loans will
reduce. However, Fitch does not expect the effect to be
significant as the bank has highly collateralized loans resulting
in high collection rates and the fact that the leverage in both
corporate and household sectors in Turkey is still moderate. At
end-Q112, non-performing loan (NPL) ratio at BankPozitif was at
5.5% of total gross loans. BankPozitif's management informed
Fitch that its NPL ratio will probably drop to the banking system
average (2.7% at end-Q112) by end of July 2012 as a result of
collections and NPL sales.
BankPozitif's sound capitalisation (Fitch core capital ratio
(FCC) at 20.02% at end-Q112) is a rating strength. Due to its
investment bank status, BankPozitif is reliant on wholesale
funding. However, it has been tapping the local bond markets
more heavily since the beginning of 2012 and is decreasing its
reliance on long-term international borrowing, thus reducing the
cost of funds. Nevertheless, the bank comfortably complies with
the local regulatory liquidity stress requirements.
BankPozitif's VR could be downgraded if weaker than forecast of
performance of Turkey's economy results in a marked deterioration
of asset quality, or if the bank mismanages credit or liquidity
risks related to its revised lending and funding strategies.
Upside potential for the VR is limited given the bank's moderate
franchise, reliance on wholesale funding and the fact that the
bank is at an early stage of implementing its revised strategy.
BankPozitif's other shareholder is C Faktoring A.S. which owns
30% of the bank's shares.
The rating actions are as follows:
BankPozitif:
-- Long-term foreign and local currency IDRs: affirmed at
'BBB-'; Outlook Stable
-- Short-term foreign and local currency IDRs: affirmed at 'F3'
-- National Long-term Rating: affirmed at 'AAA(tur)'; Stable
Outlook
-- Viability Rating: affirmed at 'b+'
-- Support Rating: affirmed at '2'
-- Senior unsecured long-term debt: affirmed at 'BBB-'
=============
U K R A I N E
=============
* CITY OF KYIV: Fitch Affirms 'B-' Long-Term Currency Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the City of Kyiv's Long-term foreign
and local currency ratings at 'B-', with Stable Outlooks, and its
Short-term foreign currency rating at 'B'. The agency has also
affirmed the city's National Long-term rating at 'BBB+(ukr)' with
Stable Outlook. The rating action also affects the city's
outstanding debt issues totaling US$800 million.
The affirmation reflects the city's capital status and implicit
support by the central government, improved budgetary
performance, underpinned by sound economic activity and curbing
of spending. The ratings also factor in increased direct risk,
material immediate refinancing risk, stemming from maturing
external bonds and local bank loans, and exposure to foreign
currency risk on eurobonds.
Fitch's base case is that Kyiv will succeed in refinancing a
US$250 million bond and renegotiating repayment of bank loans
totaling UAH450 million which mature in H212. The agency
considers the city's immediate refinancing risk as material due
to the significant amount of refinancing and limited capacity of
the domestic debt capital market.
If the city fails to refinance these maturing notes and loans,
Fitch would consider taking negative rating action.
Additionally, if there were a material increase in direct risk
above expectations Fitch could take negative rating action.
Conversely, sustainable sound budgetary performance leading to
direct risk to current balance ratio matching average debt
maturities along with reduced refinancing risk could trigger a
positive rating action.
In Fitch's view, Kyiv's status as Ukraine's capital and
integration of its administration into the executive branch of
the state remains a support factor for the city's ratings.
Kyiv's political and economic importance to the central
government benefits the city's budget, reducing downside risks at
turbulent times.
Fitch expects continued improvement in the city's budgetary
performance with the full-year operating margin at about 11%-12%
in 2012. The agency also expects Kyiv's deficit before debt
variation to slightly decrease to 7%-9% of total revenue in 2012-
2014. Kyiv's operating balance improved to UAH1.4 billion of
operating revenue, or 9.8% in 2011, up from negative UAH736
million in 2010.
Fitch expects the city's direct risk to increase to UAH11 billion
in 2012, or 70%-72% of its current revenue (2011: 67%). The
city's 2011 direct risk stock was 67% composed of external bonds
totaling US$800 million, domestic bank loans (13%) and promissory
notes for restructured obligations of utility companies (20%).
Kyiv is Ukraine's economic and financial center and accounted for
19% of the country's GDP in 2010. Kyiv's well-diversified and
service-oriented economy supports a strong in the national
context socio-economic profile, with wealth indicators that
significantly exceeded the national average in 2007-2011. The
administration forecasts continued growth of the city's economy
at 4%-5% yoy in 2012-2014.
* CITY OF KHARKOV: Fitch Affirms 'B' Long-Term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Ukraine's City of Kharkov's Long-term
foreign and local currency ratings at 'B', Short term foreign
currency rating at 'B' and National Long-term rating at 'AA-
(ukr)'. The Outlooks on the city's Long-term ratings are Stable.
The rating action also affects the city's outstanding domestic
bond of UAH99.5 million (equivalent to about US$12 million).
The ratings reflect the city's diversified economy, sound
liquidity and improving budgetary performance. They also factor
in Kharkov's refinancing risks and extensive public sector which
might put pressure on the city's budget.
Fitch notes that positive rating action is subject to an upgrade
of the sovereign's ratings, accompanied by reduction of the
refinancing risk coupled with ability to keep the operating
margin around 10% and containing direct debt below 20% of current
revenue. Conversely, an operating margin below 5%, coupled with
significant deterioration of debt and debt coverage ratios, would
put negative pressure on the ratings.
Kharkov's refinancing risk is mitigated by the city's large cash
balance, which stood at UAH323 million on June 1, 2012. As a
result, the city is well placed to repay the UAH300 million debt
maturing by end-2012, which represents around 75% of its total
debt.
At end-2011, Kharkov's debt was at manageable levels, at UAH400
million or 11% of current revenue. Its debt coverage ratio was
below one year in 2011 and interest paid represented less than 1%
of the city's operating revenue. Fitch expects the city's direct
debt to gradually decrease to below 10% of current revenue as
borrowing needs to finance large-scale capital projects have
diminished after hosting EURO 2012.
Fitch expects Kharkov to complete 2012 with a sound operating
margin at above 10% and strong debt coverage ratio (direct
debt/current balance) at below one year. The city's operating
margin improved to 11.8% in 2011 from 5.1% a year earlier.
Improvement in 2011 was thanks to the restriction of operating
expenditure growth to 7.6% yoy (2010: 17%), while operating
revenue continued to grow at the 2010 level of 15.8% yoy.
The city's contingent liabilities are comparable to its direct
risk and put pressure on the budget. The debt of the 10 largest
public sector entities (PSEs) amounted to UAH241.6 million at
end-2011. Major PSEs are loss-making and require subsidies to
sustain operations. Nonetheless, the city's contingent
liabilities represent about 7% of its current revenue and are
below critical levels.
Kharkov's economy is diversified across manufacturing and
services, and supported by a large number of companies. Fitch
expects national GDP to expand by 2.5%-3% in 2012-2013. Kharkov
benefits from higher-than-average growth thanks to its
diversified industrial economy. The successful hosting of the
EURO 2012 football championship in the city and infrastructure
development will drive the growth of the local economy in the
near term.
Kharkov is located in north-east Ukraine and is the country's
second-largest city. With 1.441 million people, it accounts 3.1%
of the national population. The city accounted for estimated 3.2%
of national GDP in 2010.
===========================
U N I T E D K I N G D O M
===========================
ETHEL AUSTIN: Enters Into Administration for Fourth Time
--------------------------------------------------------
Dominic Jeff at The Scotsman reports that Ethel Austin collapsed
into administration for the fourth time in as many years on
July 18, putting hundreds of jobs at risk.
The firm, which was twice rescued by Scottish retail specialist
Elaine McPherson as it struggled in the face of recession and
fierce competition, had been trading in its present incarnation
since it was bought by former Blackwells bookshop chain director
Sue Townsend 11 months ago, the Scotsman notes.
But with each administration and rescue, unprofitable shops were
closed and it now has just 48 stores and 500 staff, the Scotsman
discloses.
According to the Scotsman, administrator Duff & Phelps said that,
while further redundancies and store closures cannot be ruled
out, it was keeping all the stores open while seeking a buyer.
Joint administrators Philip Duffy and Sarah Bell said they were
"urgently" reviewing the company's financial position, the
Scotsman relates. They noted that Ethel Austin, which also
trades as Life & Style, had suffered a "marked downturn" amid the
recession, according to the Scotsman.
Ethel Austin is a retailer founded in Liverpool in 1934.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$) (US$)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC CWT EO -5754285.05 165995618.1
CHRIST WATER TEC CWT EU -5754285.05 165995618.1
CHRIST WATER TEC CWTE IX -5754285.05 165995618.1
CHRIST WATER TEC CRSWF US -5754285.05 165995618.1
CHRIST WATER TEC CWT PZ -5754285.05 165995618.1
CHRIST WATER TEC CWT AV -5754285.05 165995618.1
CHRIST WATER TEC 8131204Q GR -5754285.05 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.05 165995618.1
KA FINANZ AG 3730Z AV -9072224.93 22043329918
LIBRO AG LIBR AV -110486314 174004185
LIBRO AG LIB AV -110486314 174004185
LIBRO AG LBROF US -110486314 174004185
LIBRO AG LB6 GR -110486314 174004185
S&T SYSTEM I-ADR STSQY US -38841439.5 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.5 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.5 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.5 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.5 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.5 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.5 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.5 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.5 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.5 182832494.8
SKYEUROPE SKYP PW -89480492.6 159076577.5
SKYEUROPE SKY PW -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EO -89480492.6 159076577.5
SKYEUROPE HLDG SKY EO -89480492.6 159076577.5
SKYEUROPE HLDG SKURF US -89480492.6 159076577.5
SKYEUROPE HLDG SKY EU -89480492.6 159076577.5
SKYEUROPE HLDG SKY AV -89480492.6 159076577.5
SKYEUROPE HLDG SKYPLN EU -89480492.6 159076577.5
SKYEUROPE HLDG SKYA PZ -89480492.6 159076577.5
SKYEUROPE HLDG SKY LI -89480492.6 159076577.5
SKYEUROPE HLDG SKYV IX -89480492.6 159076577.5
SKYEUROPE HLDG S8E GR -89480492.6 159076577.5
SKYEUROPE HOL-RT SK1 AV -89480492.6 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.96 225769572.9
ANTWERP GATEWAY 496769Z BB -51947070.5 266390692.5
BIO ANALYTICAL R 3723198Z BB -41974594.7 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.1 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.5 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.7 777656536.7
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.2 113270540
JULIE LH BVBA 3739923Z BB -32842124.6 159062205.9
KBC LEASE BELGIU 3723398Z BB -23567202.8 2856170076
KIA MOTORS BELGI 3729658Z BB -40305545.6 136441397.8
LAND VAN HOP NV 3727898Z BB -141334.296 138885001.8
SABENA SA SABA BB -85494497.7 2215341060
SAPPI EUROPE SA 3732894Z BB -119299290 158958659.1
SOCIETE NATIONAL 3726762Z BB -39045394.2 506987115.6
TELENET GRP HLDG T4I GR -346984203 4652950529
TELENET GRP HLDG TNET NQ -346984203 4652950529
TELENET GRP HLDG TNET BQ -346984203 4652950529
TELENET GRP HLDG TLGHF US -346984203 4652950529
TELENET GRP HLDG TNETGBP EO -346984203 4652950529
TELENET GRP HLDG TNETGBX EU -346984203 4652950529
TELENET GRP HLDG TNET S1 -346984203 4652950529
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
AKERYS SERVICES 4685937Z FP -8561729.53 141611798.1
ALCATEL-LUCENT E 3642975Z FP -33252970.3 441703998.1
ALCATEL-LUCENT F 3647063Z FP -794569718 4984960531
AL-KHATTIYA LEAS 4783713Z FP -13423803.2 109623566.3
ALPHABET FRANCE 4680817Z FP -12390663.9 408442413.7
ALUMINIUM PECHIN 3650903Z FP -469114029 1322244624
ATOS ORIGIN INTE 4519607Z FP -15552541.6 353365367
AUTOMOBILES CITR 3648863Z FP -298695779 1879542934
BELVEDERE - RTS 554451Q FP -254721371 1019397736
BELVEDERE - RTS 702036Q FP -254721371 1019397736
BELVEDERE SA BVD FP -254721371 1019397736
BELVEDERE SA BELV NM -254721371 1019397736
BELVEDERE SA BVD S1 -254721371 1019397736
BELVEDERE SA BED GR -254721371 1019397736
BELVEDERE SA BVD PW -254721371 1019397736
BELVEDERE SA BEVD IX -254721371 1019397736
BELVEDERE SA BVD PZ -254721371 1019397736
BELVEDERE SA BVDRF US -254721371 1019397736
BELVEDERE SA BELV FP -254721371 1019397736
BELVEDERE SA BED TH -254721371 1019397736
BELVEDERE SA BVD EU -254721371 1019397736
BELVEDERE SA BVD EO -254721371 1019397736
BELVEDERE SA-NEW 8198283Q FP -254721371 1019397736
BELVEDERE SA-NEW 946529Q FP -254721371 1019397736
BELVEDERE SA-NEW BVDNV FP -254721371 1019397736
BELVEDERE SA-RTS BVDDS FP -254721371 1019397736
BENP LILLEBONNE 4507291Z FP -14494480.2 341710346.6
CARCOOP FRANCE 4690569Z FP -531951.734 185621693.8
CARI SAS 4509915Z FP -10848329.9 182415382.5
CARREFOUR HYPERM 3897338Z FP -713257901 3939173302
CARRERE GROUP CARF PZ -9829531.94 279906700
CARRERE GROUP CAR FP -9829531.94 279906700
CARRERE GROUP XRR GR -9829531.94 279906700
CARRERE GROUP CAR2 EO -9829531.94 279906700
CARRERE GROUP CAR2 EU -9829531.94 279906700
CARRERE GROUP CARG FP -9829531.94 279906700
CARRERE GROUP CRRHF US -9829531.94 279906700
CARRERE GROUP CRGP IX -9829531.94 279906700
CDISCOUNT 4690913Z FP -92485.8114 331210839.3
CMA CGM AGENCES 4746849Z FP -8208944.55 191538369.1
CO PETROCHIMIQUE 4682369Z FP -111509362 364674090.9
CSF 3635887Z FP -60315179.7 3042333890
DESCAMPS SAS 4503139Z FP -2912961.46 104843475.7
EADS SECA 4706441Z FP -38679556.9 142045208.8
EDENRED EDNMF US -1395452285 5596512266
EDENRED QSV GR -1395452285 5596512266
EDENRED QSV TH -1395452285 5596512266
EDENRED EDEN TQ -1395452285 5596512266
EDENRED EDEN S1 -1395452285 5596512266
EDENRED EDENUSD EO -1395452285 5596512266
EDENRED EDEN QM -1395452285 5596512266
EDENRED EDEN FP -1395452285 5596512266
EDENRED EDEN EU -1395452285 5596512266
EDENRED EDEN EO -1395452285 5596512266
EDENRED EDEN EB -1395452285 5596512266
EDENRED EDEN PZ -1395452285 5596512266
EDENRED EDENUSD EU -1395452285 5596512266
EDENRED EDEN BQ -1395452285 5596512266
EDENRED EDEN IX -1395452285 5596512266
EDENRED-NEW EDENV FP -1395452285 5596512266
EDF EN OUTRE MER 4679713Z FP -2598508.84 158364874.7
ETAM PRET A PORT 4682193Z FP -18364165.4 175501799.4
FACONNABLE SA 226782Z FP -19616231 136513429.3
FRANFINANCE LOCA 4689993Z FP -69780982.1 1638852912
GEC 4 SAS 4518255Z FP -91410337 541462091
GPN SA 4509659Z FP -35080424.7 568887551
GRANDE PAROISSE GDPXF US -927267927 629287290
GRANDE PAROISSE GDPA FP -927267927 629287290
GRANDE PAROISSE GAPA FP -927267927 629287290
GROUPE MONITEUR 317840Z FP -116707395 610106709.3
GROUPE PROGRES S 4734137Z FP -106637566 154665494
HITACHI EUROPE S 4681417Z FP -9927515.77 110534051.7
HP ENTREPRISE SE 4698081Z FP -97546439.4 116383810.4
I BASE 757542Z FP -6019481.25 433636337.7
ING LEASE FRANCE 4699881Z FP -51268061.5 363058830.9
ISOCHEM SA 3540732Z FP -9029087.45 100025367.9
ITM REGION PARIS 4681817Z FP -49662079.8 124321085.9
JTEKT AUTOMOTIVE 4504595Z FP -17492036.6 163375360
JTEKT AUTOMOTIVE 4505819Z FP -25670106.7 171962119.7
JUNGHEINRICH FIN 4635025Z FP -14429677.1 223424949.4
LAB DOLISOS LADL FP -27752176.2 110485462.4
LAB DOLISOS DOLI FP -27752176.2 110485462.4
LENOVO FRANCE SA 4710049Z FP -1944677.44 137134536.2
MATUSSIERE & FOR MTUSF US -77896689.1 293868350.8
MATUSSIERE & FOR 1007765Q FP -77896689.1 293868350.8
M-REAL ALIZAY SA 4670721Z FP -19839749.3 142972373.7
MVCI HOLIDAYS FR 4524959Z FP -106863950 221936730.6
NESTLE WATERS SU 3634887Z FP -100198554 212766860.3
NESTLE WATERS SU 3634879Z FP -183402273 254740466.9
NEXANS COPPER FR 4744809Z FP -22662074.8 308626962.2
NEXTIRAONE 500526Z FP -1983210.37 311827703.4
NORDEX FRANCE SA 4521679Z FP -1596231.67 139011887.7
NOVELIS FOIL FRA 4678593Z FP -21912360.2 126180343.3
NRJ 12 4681713Z FP -41481124.2 112522117.5
OROSDI OROS FP -51389802.7 181267113.2
OROSDI OROS EO -51389802.7 181267113.2
OROSDI OROS S1 -51389802.7 181267113.2
OROSDI OROS EU -51389802.7 181267113.2
OROSDI OROS PZ -51389802.7 181267113.2
OROSDI-BACK ORBA FP -51389802.7 181267113.2
OROSDI-BACK BACK IX -51389802.7 181267113.2
OROSDI-RTS ORODS FP -51389802.7 181267113.2
PAGESJAUNES GRP PAJ NQ -3184867284 1167307980
PAGESJAUNES GRP PAJGBX EO -3184867284 1167307980
PAGESJAUNES GRP PAJ LI -3184867284 1167307980
PAGESJAUNES GRP PAJ TQ -3184867284 1167307980
PAGESJAUNES GRP PAJ IX -3184867284 1167307980
PAGESJAUNES GRP PAJ QM -3184867284 1167307980
PAGESJAUNES GRP PAJ S1 -3184867284 1167307980
PAGESJAUNES GRP PAJGBX EU -3184867284 1167307980
PAGESJAUNES GRP PAJGBP EO -3184867284 1167307980
PAGESJAUNES GRP PAJ VX -3184867284 1167307980
PAGESJAUNES GRP PAJP IX -3184867284 1167307980
PAGESJAUNES GRP PAJ FP -3184867284 1167307980
PAGESJAUNES GRP PAJ BQ -3184867284 1167307980
PAGESJAUNES GRP PAJ GK -3184867284 1167307980
PAGESJAUNES GRP PAJUSD EU -3184867284 1167307980
PAGESJAUNES GRP QS3 TH -3184867284 1167307980
PAGESJAUNES GRP PAJ EB -3184867284 1167307980
PAGESJAUNES GRP PAJ EO -3184867284 1167307980
PAGESJAUNES GRP PAJUSD EO -3184867284 1167307980
PAGESJAUNES GRP QS3 GR -3184867284 1167307980
PAGESJAUNES GRP PGJUF US -3184867284 1167307980
PAGESJAUNES GRP PAJ EU -3184867284 1167307980
PAGESJAUNES GRP PAJ PZ -3184867284 1167307980
PEUGEOT CITROEN 3637183Z FP -292685178 366568398.7
PITNEY BOWES 4634633Z FP -11785422.8 184422748.8
REGIE PUBLICITAI 4691033Z FP -5262294.53 112402724.7
REGIONAL COMPAGN 3635823Z FP -37389129.6 595811276.3
RESEAU FERRE FRA 224063Z FP -1594878991 71610625888
RHODIA SA RHD GR -72552001.5 7951699362
RHODIA SA RHAGBP EO -72552001.5 7951699362
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GREECE
------
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HELLAS ONLINE SA BRAIN EU -21686953.8 480123795.6
HELLAS ONLINE SA HOL GA -21686953.8 480123795.6
HELLAS ONLINE SA BRAIN GA -21686953.8 480123795.6
HELLAS ONLINE SA 0394471Q GA -21686953.8 480123795.6
HELLAS ONLIN-RTS HOLR GA -21686953.8 480123795.6
KATSELIS SON-P R KATPD GA -49566085.5 144463865.8
KATSELIS SONS-PF KATSP GA -49566085.5 144463865.8
KATSELIS SONS-RT KATKD GA -49566085.5 144463865.8
LAMBRAKIS PR -RT DOLD GA -14479840.4 280712996.2
LAMBRAKIS PRESS DOL PZ -14479840.4 280712996.2
LAMBRAKIS PRESS LMBKF US -14479840.4 280712996.2
LAMBRAKIS PRESS LA3 GR -14479840.4 280712996.2
LAMBRAKIS PRESS DOL GA -14479840.4 280712996.2
LAMBRAKIS PRESS DOL EU -14479840.4 280712996.2
LAMBRAKIS PRESS DOL EO -14479840.4 280712996.2
LAMBRAKIS REPO DOLL10 GA -14479840.4 280712996.2
LAMBRAKIS R-R DOLV10 GA -14479840.4 280712996.2
LAMBRAKIS-AUC DOLE GA -14479840.4 280712996.2
MAILLIS MLISF US -54904198.1 438679485.9
MAILLIS -RTS MAIKR GA -54904198.1 438679485.9
MAILLIS-SPON ADR MJMSY US -54904198.1 438679485.9
MJ MAILLIS S.A. MAIK EO -54904198.1 438679485.9
MJ MAILLIS S.A. MAIK GA -54904198.1 438679485.9
MJ MAILLIS S.A. MAIK EU -54904198.1 438679485.9
MJ MAILLIS S.A. MAIK PZ -54904198.1 438679485.9
MJ MAILLIS S.A. MJL GR -54904198.1 438679485.9
NAOUSSA SPIN -RT NAOYD GA -163114842 286539436.9
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NAOUSSA SPINNING NML GR -163114842 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114842 286539436.9
NUTRIART S.A. KATSK GA -49566085.5 144463865.8
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NUTRIART SA KATSK EU -49566085.5 144463865.8
NUTRIART-RTS 3411089Q GA -49566085.5 144463865.8
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RADIO KORASSIDIS RKC GR -100972174 244951680.3
RADIO KORASSIDIS RAKOF US -100972174 244951680.3
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SATO OFFICE AND SATOK EO -1304553.01 103403982.3
SATO OFFICE AND SATOK PZ -1304553.01 103403982.3
SATO OFFICE AND SATOK EU -1304553.01 103403982.3
SATO SA - RIGHTS SATOKD GA -1304553.01 103403982.3
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T BANK ASPT PZ -46224213.4 3486115450
T BANK ASPT EO -46224213.4 3486115450
T BANK TBANK EU -46224213.4 3486115450
T BANK TBANK GA -46224213.4 3486115450
T BANK TBANK EO -46224213.4 3486115450
T BANK ASPT GA -46224213.4 3486115450
T BANK ASPT EU -46224213.4 3486115450
THEMELIODOMI THEME GA -55751173.8 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.8 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.8 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.8 232036822.6
UNITED TEXTILES UTEX GA -163114842 286539436.9
UNITED TEXTILES NAOSF US -163114842 286539436.9
UNITED TEXTILES UTEX PZ -163114842 286539436.9
UNITED TEXTILES NML1 GR -163114842 286539436.9
UNITED TEXTILES UTEX EO -163114842 286539436.9
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
HUNGARIAN TELEPH HUGC IX -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
ICELAND
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AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM PZ -223780368 2277882368
IRELAND
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JAMES HARDIE -CD JHXCD AU -335300000 1882000000
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MCINERNEY HLDGS MCIGBX EU -137972149 304108432.2
MCINERNEY HLDGS MCI ID -137972149 304108432.2
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MCINERNEY HLDGS MK9 GR -137972149 304108432.2
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MCINERNEY HLDGS MCIGBP EO -137972149 304108432.2
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
MCINERNEY PROP-A MYP ID -137972149 304108432.2
MCINERNEY PROP-A MCIYF US -137972149 304108432.2
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MCINERNEY -RT FP MCIF LN -137972149 304108432.2
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MCINERNEY -RT NP MCIN ID -137972149 304108432.2
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SHENDA IRELAND L 4781889Z ID -159818173 180891354.4
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START FUNDING NO 3816392Z ID -8410425.95 624257073.1
SUSQUEHANNA EURO 4459081Z ID -1252022268 5765502698
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TOPAZ ENERGY GRO 4508643Z ID -20430096.7 574668196.2
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WATERFORD-SUB 3001875Z ID -505729895 820803256
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
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AS ROMA SPA ASR TQ -63822544.7 148818665.4
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AS ROMA SPA ASR EO -63822544.7 148818665.4
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AS ROMA SPA ASR EU -63822544.7 148818665.4
AS ROMA SPA-RTS ASRAA IM -63822544.7 148818665.4
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INDUSTRIE FINCUO 4270053Z IM -15676157.1 111118283.9
KERSELF KERS IX -42106279.6 830980118.2
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TISCALI SPA- RTS TISAXA IM -157400373 432673140.9
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VIA CAVOUR SRL 3997892Z IM -2002622.44 173628397.1
JERSEY
------
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
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REAL ESTATE OP-O REO LN -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
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REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
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NETHERLANDS
-----------
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SWEDEN
------
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SWEDISH AUTOMOBI L9I TH -575434603 1479005959
SWEDISH AUTOMOBI SWAN EU -575434603 1479005959
SWEDISH AUTOMOBI SWAN BQ -575434603 1479005959
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NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.5 100855655.1
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INTEROIL EXPLORA IOX PZ -12690000 172800992
INTEROIL EXPLORA IOX EU -12690000 172800992
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INTEROIL EXPLORA IOXEUR EO -12690000 172800992
INTEROIL EXPLORA IOXUSD EO -12690000 172800992
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JASON SHIPPING A JSHIP NO -63803000 141950000
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JASON SHIPPING A JSHIPEUR EU -63803000 141950000
JASON SHIPPING A JSHIPEUR EO -63803000 141950000
JASON SHIPPING A JSHIP EU -63803000 141950000
MAN LAST OG BUSS 4521719Z NO -5830520.28 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -12248477.7 312455787.6
NCC ROADS AS 4401305Z NO -11149611.4 135425117.2
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PETRO GEO-SERV PGS GR -18066142.2 399710323.6
PETRO GEO-SERV 265143Q NO -18066142.2 399710323.6
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PETRO GEO-SERV-N PGSN NO -18066142.2 399710323.6
PETRO GEO-SV-ADR PGOGY US -18066142.2 399710323.6
PETRO GEO-SV-ADR PGSA GR -18066142.2 399710323.6
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.95 138751607.3
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SEVAN MARINE ASA SEVANUSD EO -173000000 962300032
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SEVAN MARINE ASA SEVANUSD EU -173000000 962300032
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SEVAN MARINE ASA SEVAN GK -173000000 962300032
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SEVAN MARINE ASA SEVAN NQ -173000000 962300032
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SEVAN MARINE ASA SEMA NO -173000000 962300032
SEVAN MARINE-ADR SVMRY US -173000000 962300032
SEVAN MARINE-RTS 3328565Z NO -173000000 962300032
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SINGAPORE OFFSHO 4422313Z NO -62203.0437 104161346.4
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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
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SERBIA
------
DUVANSKA DIVR SG -46938765.4 107525048.4
SLOVENIA
--------
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SPAIN
-----
ACTUACIONES ACTI AGR SM -57871829.5 772519224.5
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SWITZERLAND
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TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.1 147075077.7
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UKRAINE
-------
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UNITED KINGDOM
--------------
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RENTOKIL INITIAL RTOUSD EU -142674955 3045660413
RENTOKIL INITIAL RTOPEN EO -142674955 3045660413
RENTOKIL INITIAL RTO NQ -142674955 3045660413
RENTOKIL INITIAL RTO IX -142674955 3045660413
RENTOKIL INITIAL RTOUSD EO -142674955 3045660413
RENTOKIL INITIAL RTO EO -142674955 3045660413
RENTOKIL INITIAL RTO BQ -142674955 3045660413
RENTOKIL-SP ADR AP76 LI -142674955 3045660413
RENTOKIL-SP ADR RTOKY US -142674955 3045660413
REXAM BEVERAGE C 1120903Z LN -15123027.5 118921563.6
ROSEMONT HOLDING 4391905Z LN -34807182.9 158222622.5
ROSYTH ROYAL DOC 2184524Z LN -47774646.7 159339969.3
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SCOTTS CO UK LTD 1154459Z LN -42301127.2 119882290.9
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SKYEPHARMA PLC SKP VX -133034755 130464035.4
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SKYEPHARMA PLC SKP EU -133034755 130464035.4
SKYEPHARMA PLC SKP PO -133034755 130464035.4
SKYEPHARMA PLC SKP5 EO -133034755 130464035.4
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SKYEPHARMA PLC SKP PZ -133034755 130464035.4
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SKYEPHARMA PLC SKYEF US -133034755 130464035.4
SKYEPHARMA PLC SKP TQ -133034755 130464035.4
SKYEPHARMA PLC SKP1 EO -133034755 130464035.4
SKYEPHARMA PLC SKPEUR EU -133034755 130464035.4
SKYEPHARMA PLC SKP BQ -133034755 130464035.4
SKYEPHARMA PLC SKP2 EO -133034755 130464035.4
SKYEPHARMA PLC SKPEUR EO -133034755 130464035.4
SKYEPHARMA PLC SKP7 EO -133034755 130464035.4
SKYEPHARMA PLC SKP EO -133034755 130464035.4
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SMG PLC SMG LN -36632758.7 143156965
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SMG PLC-NIL PAID SMGN LN -36632758.7 143156965
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SMITHS NEWS PLC NWS12 EO -97977003.3 345035294.1
SMITHS NEWS PLC SMWPF US -97977003.3 345035294.1
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SMITHS NEWS PLC NWS2EUR EU -97977003.3 345035294.1
SMITHS NEWS PLC NWS1 EO -97977003.3 345035294.1
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SONY DADC UK LTD 4007652Z LN -758038.371 131666251.9
SONY UNITED KING 1591658Z LN -1219147829 2550391748
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SR TECHNICS UK L 2900250Z LN -143296142 116171355.3
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STAGECOACH GROUP SGC1AUD EU -158544627 2695903851
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STAGECOACH GROUP SGC1 EU -158544627 2695903851
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TELEWEST COMMUNI 1646328Z LN -287113015 868389208
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TIMES NEWSPAPERS 2343939Z LN -653746580 603467606.2
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TOPPS TILES PLC TPTEUR EU -39843958.1 122386142.5
TOPPS TILES PLC TPT EU -39843958.1 122386142.5
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TOPPS TILES PLC TPTJY US -39843958.1 122386142.5
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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
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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
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VIRGIN MOBILE VMOB PO -392165409 166070003.7
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VIRGIN MOBILE VGMHF US -392165409 166070003.7
VIRGIN MOBILE VMOB VX -392165409 166070003.7
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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
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WARNER ESTATE WNER LN -41311778.1 373214358.7
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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
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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 * * *