/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/120910.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 Monday, September 10, 2012, Vol. 13, No. 180 Headlines B U L G A R I A VIVACOM AD: Gets UK Court Approval for Debt Restructuring Plan F R A N C E BELVEDERE SA: Expects Creditors to Approve Debt Plan G E R M A N Y COREALCREDIT BANK: Fitch Affirms 'bb' Viability Rating FORCE TWO: S&P Lowers Ratings on Two Note Classes to 'CCC-' FRESENIUS SE: Moody's Confirms 'Ba1' Corp. Family Rating UBS 3 SECTOR: Faces Liquidation After High Redemption Requests UNITYMEDIA HESSEN: Moody's Rates EUR650MM Sr. Unsec. Notes (P)Ba3 * GERMANY: Corporate Insolvencies Down 3.1% in First Half 2012 H U N G A R Y * HUNGARY: To Forgo Financial-Support Package I R E L A N D MARQUETTE CLO: Moody's Raises Ratings on 2 Note Classes to 'B1' TITAN EUROPE 2006-3: S&P Cuts Ratings on 2 Note Classes to 'D' TITAN EUROPE 2006-5: S&P Cuts Rating on Class C Notes to 'D' I T A L Y SEAT PAGINE: Completes Financial Restructuring L U X E M B O U R G PROLOGIS EUROPEAN: Prologis Inc. Takes Control of Assets N E T H E R L A N D S AEG POWER: S&P Affirms 'B-' Corp. Credit Rating; Outlook Negative STORK HOLDING: Moody's Withdraws 'B2' Corporate Family Rating STORK TECHNICAL: Moody's Rates EUR272.5MM Sr. Secured Notes 'B3' N O R W A Y DRILL RIGS: Moody's Rates US$750MM Senior Secured Notes '(P)B2' DRILL RIGS: S&P Rates US$750 Million Senior Secured Notes 'B' P O L A N D POLIMEX: Obtains PLN45 Million Rescue Loan From ARP P O R T U G A L BANCO SANTANDER: Moody's Downgrades Ratings on Covered Bonds S P A I N ACCESOS DE MADRID: May File for Bankruptcy & Suspend Payments CAIXA GALICIA II: Fitch Cuts Rating on Class D Notes to 'Bsf' CAJA GRANADA 1: Fitch Affirms 'Bsf' Rating on Class D Notes T U R K E Y ASYA KATILIM: Fitch Affirms 'B+/B' IDRs; Outlook Stable * TURKEY: S&P Assigns 'BB' Ratings to Sukuk Lease Certificates U N I T E D K I N G D O M ATRIUM EUROPEAN: S&P Raises Corporate Credit Ratings From 'BB+/B' RESIDENTIAL MORTGAGE: S&P Assigns 'BB' Rating to Class B2 Notes RESIDENTIAL MORTGAGE: Fitch Rates GBP4MM Class B2 Notes 'BBsf' X X X X X X X X * S&P Cuts Ratings on 9 CDO Tranches to 'D', Withdraws Ratings * EUROPE: Moody's Says Emission Trading Scheme Risks Manageable * BOND PRICING: For the Week September 3 to September 7, 2012 ********* =============== B U L G A R I A =============== VIVACOM AD: Gets UK Court Approval for Debt Restructuring Plan -------------------------------------------------------------- Isabell Witt at Reuters reports that Vivacom obtained UK court approval to proceed with a EUR1.7 billion (US$2.1 billion) debt restructuring, ending two years of wrangling with lenders and failed attempts to sell the company. According to Reuters, under a deal approved by Mr. Justice Vos in a hearing at the High Court in London, Russia's second biggest bank VTB Capital and Bulgaria's Corporate Commercial Bank (CCB) are buying over 70% of Vivacom and existing lenders are writing off EUR1 billion of debts. Vivacom had breached the terms on its debt covenants in 2010 after a drop in performance, putting the company in the hands of its lenders and setting off a lengthy scrap over its assets, Reuters recounts. Attempts to sell the business to third parties including Turkish mobile phone company Turkcell and Dubai's Oger Telecom failed, Reuters notes. PineBridge Investments, part of Hong Kong telecoms and media tycoon Richard Li's business empire, will lose its 94% control and investment in Vivacom, trade name of Bulgarian Telecommunications Co (BTC), which is the third largest mobile operator in Bulgaria, Reuters discloses. Over 90% of Vivacom's lenders approved the terms of the restructuring at hearings in August, Reuters relates. According to Reuters, as part of the restructuring, VTB and CCB will inject EUR130 million to partially repay the company's debt in exchange for a combined 73% stake, reducing its debt to around EUR588 million. Senior lenders, which include RBS, Deutsche Bank, UBS and UniCredit, will keep 21%, Reuters says. Junior lenders will also obtain options in the company's shares, but will write down their debt claims, Reuters states. Vivacom AD is a Bulgarian phone company. =========== F R A N C E =========== BELVEDERE SA: Expects Creditors to Approve Debt Plan ---------------------------------------------------- Alice Cannet and Matthieu Protard at Reuters report that loss- making Belvedere said on Thursday the company is confident that its creditors will approve a plan submitted in August to repay its debt and would consider all options including a tie-up with a larger rival to achieve this. Belvedere is on its third attempt to emerge from court protection from creditors, with whom it has been battling for four years, Reuters notes. According to Reuters, approval of the plan, which Belvedere's creditors' committee has already tentatively signed off on, would allow the group to shed its EUR534 million (US$673 million) debt burden, possibly through a debt-for-equity swap. The company's court-appointed legal administrator Frederic Abitbol said in an interview that he believes that two-thirds of the holders of its Floating Rate Notes -- which account for the vast majority of its outstanding debt -- would vote to approve the reimbursement plan, Reuters relates. The plan includes a preferred scenario under which one or more of its major brands would be sold and another if no agreement can be reached on sales, which would see Belvedere's debt be entirely converted into shares, Reuters discloses. Belvedere Chief Executive Krzysztof Trylinski told Reuters the company has received interest for assets it values at over EUR1 billion but so far the offers have fallen short of what it was hoping to receive. The creditors are slated to decide formally on Belvedere's proposals during a vote to be held on September 18 and 19, Reuters states. The plan calls for Belvedere's debt to be converted to equity if it fails to sell a major asset by March 2013, Reuters says. Belvedere SA -- http://www.belvedere.fr/-- is a France-based company engaged in the production and distribution of beverages. The Company's range of products includes vodka and spirits, wines, and other beverages, under such brands as Sobieski, William Peel, Marie Brizard, Danzka and others. Belvedere SA operates through its subsidiaries, including Belvedere Czeska, Belvedere Scandinavia, Belvedere Baltic, Belvedere Capital Management, Sobieski SARL and Sobieski USA, among others. It is present in a number of countries, such as Poland, Lithuania, Bulgaria, Denmark, France, Spain, Russia, Ukraine, the United States and others. In addition, the Company holds a minority stake in Abbaye de Talloires, involved in the hotel and wellness center. ============= G E R M A N Y ============= COREALCREDIT BANK: Fitch Affirms 'bb' Viability Rating ------------------------------------------------------ Fitch Ratings has affirmed COREALCREDIT BANK AG's Long-term Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook. At the same time, the agency affirmed the Viability Rating (VR) at 'bb'. RATING DRIVERS AND SENSITIVITIES - IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR The affirmation of COREALCREDIT's IDRs, Support Rating and Support Rating Floor (SRF) reflects Fitch's view that COREALCREDIT's active Pfandbrief issuer status results in a high probability of support from the German public authorities. Although Fitch does not consider COREALCREDIT to be a systemically important bank, it believes that support would be forthcoming to safeguard the standing of Pfandbriefe as an asset class and, by extension, of their issuers. The Stable Outlook reflects Fitch's view that the probability of support for Pfandbrief issuers is likely to remain strong in the short to medium term under most reasonable scenarios. Fitch's ratings do not factor in any potential support from the bank's owner, Lone Star Fund LSF5 German Investments, L.P., a special purpose vehicle managed by a private equity investor, Lone Star, into its ratings. The bank's IDRs, Support Rating and SRF are sensitive to developments within the regulatory and legal framework, either in Germany or at a pan-European level. Any changes in the agency's view of support would result in downgrades of the bank's IDRs, Support Rating and SRF. These ratings are also sensitive to any change in Fitch's view of the ability of the German authorities to provide support, which would be signaled by a downgrade of the sovereign rating. RATING DRIVERS AND SENSITIVITIES - VR The affirmation of the VR reflects the bank's progress in improving its risk profile, its good capitalization and prudent positioning as a commercial real estate (CRE) lender in a relatively stable domestic environment. At the same time, it reflects the bank's exposure to the cyclical CRE market, the need to further improve its recurring profitability and its still high, albeit rapidly declining, NPL portfolio. The VR is sensitive to the bank's progress in further improving its recurring earnings and reducing risk. Fitch would upgrade the VR if the bank demonstrates a track record of sustainably improved core profitability and a significant work-out of the NPL portfolio to a more manageable level. Downward pressure on the VR could arise from stresses in the German property market and large single credit events. Fitch acknowledges the substantial and continued improvement of COREALCREDIT's risk and earnings profile since the onset of the restructuring process in 2005. The bank has reduced its non-core public-sector portfolio by around half since end-2008. The GIIPS exposure of EUR350.8m or 50% of Fitch core capital at end-H112 is significantly below the levels observed at the bank's peers. The run-down of the non-core portfolio will benefit from substantial maturities from 2013 to 2015. COREALCREDIT's legacy NPL loan book continues to benefit from the industry experience of Hudson Advisors Germany GmbH, an affiliate of Lone Star that services the bank's NPLs. Coupled with the sale of several tranches in 2011 and H112, the NPL portfolio (including sub-performing loans) had shrunk by almost half at end-July 2012 since end-2008. The bank's plan to eliminate its remaining legacy NPL book position by end-2013 appears somewhat ambitious, although Fitch does not expect any material losses to arise from the book. The asset quality of the CRE assets originated in the past few years appears satisfactory. The bank's reported earnings continue to be distorted by one-off items. Adjusted for these items, Fitch views the bank's profitability as only modest. The agency expects that it will improve in the medium term as the legacy, low-margin assets are replaced with selective, higher-margin, albeit limited, new CRE business. The bank's business model relies on wholesale funding, with the Pfandbrief market the primary funding source. The unsecured private placements backed by the deposit protection fund (ESF), a voluntary scheme set up by German private sector banks, coupled with limited senior unsecured issuance should, in Fitch's view, be sufficient to support the refinancing of the bank's non-cover- pool-eligible assets and its Pfandbrief pool's over- collateralization. The agency views the bank's capitalization as good (Fitch core capital of 16.6% at end-2011), but notes that its business model requires relatively high absolute levels of capital without which a focus on more granular lending activities would be necessary, with far-reaching implications for its business model. SUBORDINATED DEBT COREALCREDIT's subordinated debt is rated one notch below its VR to reflect the subordinated ranking of its investors. Its rating has thus been affirmed in line with the VR and is broadly sensitive to the same considerations as the VR. The rating actions are as follows: -- Long-term IDR: affirmed at 'BBB-'; Outlook Stable -- Short-term IDR: affirmed at 'F3' -- VR: affirmed at 'bb' -- Support Rating: affirmed at '2' -- SRF: affirmed at 'BBB-' -- Subordinated notes: affirmed at 'BB-' The ratings of the covered bonds are unaffected by the rating actions. FORCE TWO: S&P Lowers Ratings on Two Note Classes to 'CCC-' ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on FORCE Two Limited Partnership's (FORCE Two) class A, B, C, D, and E notes. "The downgrades follow our performance review of the FORCE Two transaction using the latest available investor report of July 2012 and portfolio data provided to us by the investment advisor. The downgrades reflect that the credit enhancement available to the rated notes is no longer sufficient to support the previous ratings," S&P said. "We have observed further deterioration in the credit quality of the portfolio comprising profit participation arrangements (PPAs). Since our previous review of the transaction on June 1, 2011, FORCE Two has experienced one principal deficiency event (PDE) with regards to the largest obligor in the portfolio with a principal balance of EUR12.5 million (6.50% of the current outstanding liabilities). The current balance of the principal deficiency ledger (PDL) -- which represents the aggregate notional amount of principal deficiencies incurred in the portfolio minus all amounts used to redeem the notes -- is EUR14.45 million, compared with a PDL balance of EUR7.30 million at our previous review. As a consequence, the credit enhancement available to the rated notes has reduced," S&P said. "In order to reduce the PDL balance, the issuer continued to use available proceeds to repay the notes on each quarterly payment date in order of seniority starting with the class A notes. This has resulted in a further reduction in the class A notes' outstanding principal amount by EUR5.38 million since our previous review. The current outstanding balance of the class A notes is about 84.67% of its initial balance. However, this repayment was insufficient to compensate for the negative effect of the additional PDE on the available credit enhancement," S&P said. "In light of the current balance of the PDL compared to the amounts that have been available to the issuer to cure the PDL to date, as well as the time remaining until the assets mature in September and October 2013, it is unlikely in our view that the issuer will be able to substantially reduce the balance of the PDL. We note that since closing the issuer has only been able to fully cure the PDL once in January 2009," S&P said. "Furthermore, as of the latest investor report of July 2012, about 15.82% of the remaining portfolio, exclusive of PDEs, falls into the bottom three non-default internal rating categories '13' to '15' of IKB Deutsche Industriebank AG (IKB; not rated). Of those assets, 10% currently carry an IKB internal grade of '15', one level above IKB's default ratings of '16' to '19'. These assets have not triggered a PDE to date, but given their low ranking, are vulnerable to doing so in our view. Therefore, the full repayment of the class C, D, and E notes requires support from assets that currently fall into the bottom three IKB non- default rating categories of '13' to '15'," S&P said. "There are currently 41 obligors remaining in the portfolio. The largest obligor, which accounts for about 6.21% of the remaining portfolio amount, has an IKB internal rating of '15'. The 10 largest obligors make up about 39.8% of the remaining portfolio balance. Consequently, in our view, the rated notes are exposed to significant idiosyncratic risk resulting from single obligor defaults and our ratings in this transaction are therefore more sensitive to single obligor defaults than those in transactions with more granular portfolios," S&P said. "We have analyzed the effect of defaults of the largest obligors in the portfolio. In this analysis, we first calculate the performing balance of the assets, excluding PDEs and repayments. In the next step, we look at top obligor concentrations and evaluate the net effect of subsequent defaults on the performing balance. Finally, we examine whether the post-default balance is sufficient to cover the current outstanding balance of the notes (taking into account all note repayments that have been effected since closing). Given the subordinated nature of the issuer's claims under the PPAs, in our analysis we have assumed a recovery rate of zero for the PPAs that have triggered a PDE. Our analysis of the obligor coverage levels indicates that the coverage levels have reduced such that they are no longer commensurate with the previous ratings on the notes," S&P said. "All assets in the portfolio have bullet maturities either in September 2013 or December 2013. This exposes the FORCE Two transaction to significant refinancing risk. In particular, in our opinion, weaker borrowers may have difficulties refinancing their debt, which could lead to additional defaults," S&P said. "FORCE Two is a German small and midsize enterprise (SME) collateralized loan obligation (CLO) transaction. The underlying collateral comprises the issuer's payment claims against German SMEs under PPAs. If the company becomes insolvent, the issuer's claims under the PPAs will be subordinated to the claims of all other creditors of the company, but will rank ahead of the shareholders' claims," S&P said. RATINGS LIST Class Rating Rating To From FORCE Two Limited Partnership EUR214.5 Million Fixed- and Floating-Rate Notes Ratings Lowered A BB- (sf) BB+ (sf) B B- (sf) B+ (sf) C CCC+ (sf) B (sf) D CCC- (sf) CCC+ (sf) E CCC- (sf) CCC (sf) FRESENIUS SE: Moody's Confirms 'Ba1' Corp. Family Rating -------------------------------------------------------- Moody's Investors Service has confirmed Fresenius SE & Co. KGaA's Ba1 corporate family rating (CFR) as well as the Baa3 senior secured bank rating and the Ba1 senior unsecured long term rating. The outlook on the ratings is stable. At the same time Moody's has withdrawn the (P)Ba1 ratings for the senior secured bank facilities that were put in place to finance the failed bid for Rhoen Klinikum AG (Rhoen). This rating action concludes the review on Fresenius' ratings that was initiated on April 26, 2012 when Fresenius announced an offer to acquire Rhoen. Ratings Rationale The rating confirmation of Fresenius' ratings follows its announcement on September 3, 2012, that Fresenius will not be pursuing a revised bid for Rhoen, having failed to secure the required 90% approval in its initial bid in June 2012. This announcement eliminates significant uncertainty and the risk that Fresenius' leverage would increase to a level that would not be commensurate anymore with a Ba1 rating, hence the rating confirmation at the previous level of Ba1. FSE's Ba1 corporate family rating is well positioned and is supported by (i) the group's sizeable, and with recent acquisitions further increasing scale as a global provider of healthcare services and medical products, as well as the recurring nature of a large part of its revenue and cash flow base; (ii) its segmental diversification within the healthcare market, supported by strong positions in its four segments, which will be improved even further with the recently announced acquisition of Fenwal which is entirely financed from proceeds of an equity issue in May 2012; (iii) its track record of accessing both equity and debt markets to support its acquisition growth and refinancing needs, and of successfully deleveraging following large acquisition peaks; and (iv) the attractive valuation of FSE's 31% stake in its dialysis subsidiary Fresenius Medical Care ("FME"). The ratings are constrained by (i) FSE's leverage, with an estimated debt/EBITDA ratio of 3.6x on a group basis (Moody's adjusted); (ii) the group's exposure to regulatory changes, reimbursement and pricing pressure from governments and healthcare organizations worldwide; (iii) by relatively weak structural liquidity profile driven by the need to continuously refinance its debt, despite adequate short term liquidity cushion; and (iv) a track record of aggressive acquisition strategy. Structural Considerations FSE's debt (and that of its financing conduits) is structurally subordinated to the debt of FME with regard to FME's cash flows and assets. However, FSE's lenders benefit from a higher degree of business diversification and directly from the cash flows generated by its other operating subsidiaries, Helios and Kabi. FSE's senior secured package also includes various tranches of credit facilities, which are secured by share pledges of some of the group's intermediate holding companies or operating companies, as well as pledge of the assets of Fresenius Kabi USA, Inc. formerly APP Pharmaceuticals, Inc. Therefore, Moody's notches these tranches up by one notch against the CFR. FSE's unsecured bonds are rated at the same level as the CFR. These unsecured bonds have been issued at the level of non-operating finance subsidiaries Fresenius Finance B.V. and Fresenius US Finance II, Inc. and benefit from senior guarantees from Fresenius Kabi AG and Fresenius ProServe GmbH and from the holding company Fresenius SE & Co. KGaA. Liquidity Fresenius manages the liquidity needs of its 31% controlled, but fully consolidated subsidiary Fresenius Medical Care ("FME") under a service contract and all transaction between the two companies are based on arms-lengths arrangements. Hence, Moody's analyzes the liquidity profile of FSE on a standalone basis considering access to FME's cash and or credit lines to be temporary only and likely not available in a period of liquidity stress. Fresenius' short term liquidity position is considered relatively weak, given high refinancing requirements in the beginning of 2013. The group had around EUR1 billion (EUR473 million excluding FME) of cash and cash equivalents on-balance sheet as of the end of June 2012, in addition to EUR952 million from equity raising invested in German Treasury Notes, which is to be largely used to pay for the acquisition of Fenwal by the end of 2012. Furthermore, Fresenius (excluding FME) benefits from largely undrawn revolving credit and bilateral facilities of around EUR1.1 billion. This liquidity compares to about EUR1,030 million of debt due in the next four quarters until June 2013. Considering the track record and expectation of continuing free cash flows after dividends, all of these liquidity sources should be available to cover non-operating liquidity needs, especially debt maturities. However, around EUR500 million of senior notes are due in January 2013. The rating incorporates Moody's expectation that Fresenius will address the refinancing of these sizeable debt maturities in due course. Fresenius' Ba1 rating anticipates a stable performance and leverage improvements through earnings growth and relatively modest debt reduction. Though management is expected to favorably consider small acquisition opportunities, Moody's expects that FSE would -- in the case of M&A activity -- maintain metrics commensurate with the Ba1 rating. Moody's notes positively the equity funded nature of the most recent acquisition of Fenwal, although it needs to be viewed in the context of the failed bid for Rhoen, for which the equity funding was primarily raised. The stable outlook also incorporates the expectation that FSE's dividend policy will remain unchanged. As a result debt/EBITDA of the consolidated group should stay well below 4 times and CFO/debt well above 15%. Moody's also notes that previous difference in leverage metric between Fresenius and FME has been eliminated following FME's recent transactions and acquisition of Liberty for US$1.7 billion funded in Q1/2012 as well as Helios, Fresenius' hospital subsidiary, purchases of Damp/KKD. Moody's currently estimates that these elevated leverage metrics of around 3.6x (as adjusted by Moody's) will remain relatively stable for the next 12 months, significantly reducing scope for sizeable transactions at both FSE and FME. Moody's notes that both the level of recent activity and continued high reliance on currently volatile capital markets are indicative of FSE's relatively aggressive financial policy. What Could Change the Rating Moody's would consider an upgrade to investment grade only upon a significant change in financial strategy that would target debt/EBITDA below 3.0 times, equivalent to reported net debt/EBITDA (management's measure) well below 2.5 times. The ratings could be subject to downwards pressure if Fresenius' leverage metrics weaken as exemplified by a debt/EBITDA exceeding 4.0x or CFO to debt falling towards the low teens. Large debt financed acquisitions or negative free cash flows, materially reducing the prospect of deleveraging could also be drivers of a downward rating migration. Fresenius SE & Co. KGaA is a global healthcare group providing products and services for dialysis, the hospital and the medical care of patients at home. It is a holding company whose major assets are investments in group companies and intercompany financing arrangements. Around 56% of group sales and EBIT are generated by Fresenius Medical Care (Ba1 Corporate Family Rating, stable Outlook), which is fully consolidated into the FSE group, although only 31% owned, based on managerial control and a particular ownership legal structure. Fresenius other operations, which are majority or fully-owned, are Fresenius Kabi (infusion therapy, intravenously administered generic drugs and clinical nutrition), Fresenius Helios (operating private hospitals in Germany) and Fresenius Vamed (77% owned, hospital and other healthcare facilities projects and services). Based on the trailing 12 months figures as per 30 June 2012, the group reported revenues of EUR17.7 billion The methodologies used in these ratings were Global Healthcare Service Providers published in December 2011, and Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. UBS 3 SECTOR: Faces Liquidation After High Redemption Requests -------------------------------------------------------------- Property Investor Europe reports that UBS Real Estate, the German property fund manager of the giant Swiss banking group, will liquidate its EUR496 million UBS (D) 3 Sector Real Estate European open-ended fund. UBS said that liquidity was not high enough to re-open for redemptions after the two-year maximum closure period, PEI notes. UBS closed the fund in October 2010, PEI recounts. Since then, it sold six assets worth some EUR153 million, or 23% of total volume, to raise sufficient liquidity for re-opening, PEI discloses. UBS said in a statement, liquidity is still not high enough to serve all redemption requests, PEI relates. In July, the fund held 21 assets worth some EUR496 million, 40% of which in Spain and 18% in Germany, according to PEI. The fund's assets are now transmitted to the depot bank CACEIS which will take care of selling the remaining assets and distribute half-yearly pay-outs to investors, PEI says. UNITYMEDIA HESSEN: Moody's Rates EUR650MM Sr. Unsec. Notes (P)Ba3 ----------------------------------------------------------------- Moody's Investors Service assigned a (P)Ba3 rating to the EUR650 million senior secured notes issued by Unitymedia Hessen GmbH & Co. KG ('Unitymedia Hessen') and Unitymedia NRW GmbH (Unitymedia NRW), subsidiaries of Unitymedia KabelBW GmbH ('UM-KBW'). The proceeds of the issuance will be used to redeem the EUR395.9 million aggregate principal amount of the senior secured floating rate notes (due 2018) at Unitymedia Hessen and Unitymedia NRW and the remainder will be used for general corporate purposes. This transaction leads to a marginal increase in UM KBW's gross leverage but does not change UM-KBW's corporate family rating (CFR) at B1. The (P) Ba3 rating on the proposed notes reflects the fact that they will be effectively pari-passu with the existing senior secured notes (rated Ba3) at Unitymedia Hessen and Unitymedia NRW. The rating for the senior secured notes is one notch higher than the group CFR due to the presence of unsecured debt in the capital structure which is rated at B3. UM-KBW is an indirect subsidiary of Liberty Global Inc. ('LGI'; rated Ba3/ Stable). Ratings Rationale The notes will be secured by the same collateral that secures the UM-KBW's existing senior secured notes and guaranteed on a senior basis by the guarantors of existing senior secured notes. The same security and guarantees also apply to the EUR80 million super senior revolving credit facility (which has priority for repayment in an enforcement situation) of UM-KBW and its recently upsized senior credit facility of EUR337.5 million (from EUR312.5 million). At the issue date, the EUR650 million senior secured notes will be secured by (i) share pledges of all the capital stock of Unitymedia Management GmbH, Unitymedia Hessen Verwaltung GmbH, Unitymedia Hessen and Unitymedia NRW, (ii) a pledge over claims under certain domination and/or profit and loss absorption agreements by Unitymedia Hessen Verwaltung GmbH, Unitymedia Management GmbH and Unitymedia NRW, (iii) with respect Unitymedia Hessen, Unitymedia NRW, UM-KBW, Unitymedia Management GmbH and Unitymedia Hessen Verwaltung GmbH, (a) an account pledge covering certain cash accounts, (b) security assignments of receivables and insurance claims and (c) a pledge over claims under certain intercompany loans and (iv) security transfers of substantially all of the other material tangible assets of Unitymedia Hessen and Unitymedia NRW (other than the service level agreements). Moody's notes that on August 24, 2012, Unitymedia Hessen sold its shares in UPC Germany Holdings GmbH to Unitymedia Hessen's subsidiary, UPC Germany NewCo GmbH. In addition, the following mergers were also recently completed: (i) UPC Germany Holdings GmbH merged into UPC Germany NewCo GmbH; (ii) UPC Germany HC1 merged into KBW; and (iii) Kabel Baden-Wurttemberg Verwaltungs- GmbH merged into KBW. Before October 31, 2012 or the date on which the existing senior secured notes and UM-KBW's revolving credit facilities are secured by the assets of KBW (as defined in the indenture), the proposed notes will also be secured by -- (i) share pledges of all the capital stock of UPC Germany NewCo GmbH and KBW, (ii) pledges over claims under certain intercompany loans by KBW, (iii) account pledges covering certain cash accounts by each of UPC Germany NewCo GmbH and KBW, (iv) security assignments of receivables and insurance claims by KBW and (v) security transfers of substantially all of the other material tangible assets of KBW (other than the service level agreements). The same collateral will also secure the existing revolving credit facility, senior credit facility and the senior secured notes. The Ba3 rating on the existing senior secured notes and the (P) Ba3 rating on the proposed notes therefore reflects that they will be effectively pari-passu in status. The B1 CFR for UM-KBW -- incorporates (i) the scale benefits and the future growth potential of the combined group; and (ii) Moody's expectation of moderate cost synergies combined with the potential negative impact of concessions (leading to increased competition for delivery of basic cable TV services to multi- dwelling units) imposed by the Federal Cartel Office at the time of KBW's acquisition by LGI. The rating also factors in the (i) high leverage of UM-KBW, with Moody's adjusted Gross Debt/ EBITDA of 5.5x on a 2011 pro-forma basis; and (ii) the relatively high capex requirements (27% of 2011 sales on a combined basis) and interest costs which significantly limit the company's free cash flow generation. UM-KBW's B1 CFR is strongly positioned in the rating category. The stable outlook is based on Moody's expectation that the solid operating momentum will be maintained. What Could Change the Rating -- UP UM-KBW's CFR could come under upward pressure with a visible improvement in its free cash flow generation with its leverage on a Gross Debt to EBITDA basis (as adjusted by Moody's) trending towards 5.0x on a sustained basis. What Could Change the Rating -- DOWN Negative pressure is likely in case of an increase in leverage towards 6.0x Gross Debt to EBITDA (as adjusted by Moody's) and/or material negative free cash flow on a sustained basis. The principal methodology used in rating Unitymedia Hessen GmbH & Co. KG and Unitymedia NRW GmbH was the Global Cable Television Industry Methodology published in July 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. UM KBW is the second largest cable operator in Germany by subscribers. The company generated revenues and 'adjusted' reported EBITDA of EUR1.6 billion and EUR964 million respectively in 2011 on a pro-forma basis. * GERMANY: Corporate Insolvencies Down 3.1% in First Half 2012 -------------------------------------------------------------- Deutsche Welle, citing the National Statistics Office (Destatis), reports that fewer German companies filed for insolvency in the first six month of 2012, compared with the same period last year. According to Deutsche welle, district courts registered a total of 14,776 corporate insolvencies between January and June, marking a 3.1% dip from levels reached in the first half of 2011. But while the number of bankruptcies dipped tangibly, outstanding claims by creditors exploded, Deutsche Welle notes. Destatis spoke of EUR28.3 billion (US$35.85 billion) in open receivables, an 80% increase year-on-year, Deutsche Welle discloses. "The fact that liabilities soared despite the decline in the number of insolvencies can be explained by the bankruptcy of more bigger and economically more important companies," Deutsche Welle quotes Destatis as saying in a statement. ============= H U N G A R Y ============= * HUNGARY: To Forgo Financial-Support Package --------------------------------------------- Gergo Racz, Gordon Fairclough and Veronika Gulyas at The Wall Street Journal report that Hungary's premier on Thursday said his government wouldn't agree to conditions sought by the European Union and International Monetary Fund in exchange for a financial-support package, saying the country would rather forgo help than cut pensions or ease banking taxes. Prime Minister Viktor Orban's tough remarks - a sharp shift from more conciliatory comments he made Wednesday - jolted investors, pushing down Hungary's currency, the forint, and driving up yields on government debt, as well as the cost of insuring it against default, the Journal relates. According to the Journal, Mr. Orban, who on Wednesday had predicted a financing deal could be struck in the autumn, said Hungary would make alternative suggestions to the two lenders, who have urged Budapest to look for lasting solutions to its budget problems rather than rely on short-term measures. The Journal notes that an official involved in the talks between Hungary and the EU and IMF, said the IMF hasn't made specific demands of Hungary and hasn't asked for pension cuts. Instead, the official said, lenders offered suggestions on policy changes that could help revive growth in a country now in recession, according to the Journal. ============= I R E L A N D ============= MARQUETTE CLO: Moody's Raises Ratings on 2 Note Classes to 'B1' --------------------------------------------------------------- Moody's Investors Service has upgraded the ratings of the following notes issued by Marquette US/European CLO, P.L.C.: U.S.$103,905,000 Class A-1A Senior Secured Floating Rate Dollar Notes Due 2020 (current outstanding balance of $103,898,990), Upgraded to Aaa (sf); previously on November 21, 2011 Upgraded to Aa1 (sf); U.S.$11,545,000 Class A-1B Senior Secured Floating Rate Dollar Notes Due 2020, Upgraded to Aa2 (sf); previously on November 21, 2011 Upgraded to A2 (sf); EUR86,151,000 Class A-2 Senior Secured Floating Rate Euro Notes Due 2020 (current outstanding balance of EUR 86,146,512), Upgraded to Aa1 (sf); previously on November 21, 2011 Upgraded to Aa3 (sf); U.S.$2,550,000 Class B-1 Senior Secured Floating Rate Dollar Notes Due 2020, Upgraded to A2 (sf); previously on November 21, 2011 Upgraded to Baa1 (sf); EUR7,500,000 Class B-2 Senior Secured Floating Rate Euro Notes Due 2020, Upgraded to A2 (sf); previously on November 21, 2011 Upgraded to Baa1 (sf); U.S.$10,000,000 Class C-1 Secured Floating Rate Dollar Notes Due 2020, Upgraded to Baa3 (sf); previously on November 21, 2011 Upgraded to Ba1 (sf); EUR7,937,000 Class C-2 Secured Floating Rate Euro Notes Due 2020, Upgraded to Baa3 (sf); previously on November 21, 2011 Upgraded to Ba1 (sf); U.S.$9,500,000 Class D-1 Secured Floating Rate Dollar Notes Due 2020, Upgraded to B1 (sf); previously on November 21, 2011 Upgraded to B2 (sf); EUR7,540,000 Class D-2 Secured Floating Rate Euro Notes Due 2020, Upgraded to B1 (sf); previously on November 21, 2011 Upgraded to B2 (sf). Ratings Rationale According to Moody's, the rating actions taken on the notes reflect the benefit of the end of the deal's reinvestment period in July 2012. In consideration of the reinvestment restrictions applicable during the amortization period, and therefore limited ability to effect significant changes to the current collateral pool, Moody's analyzed the deal assuming a higher likelihood that the collateral pool characteristics will continue to maintain a positive buffer relative to certain covenant requirements. In particular, the deal is assumed to benefit from higher spread levels compared to the levels assumed at the last rating action in November 2011. Moody's also notes that the transaction's reported collateral quality and overcollateralization ratios are stable since the last rating action. Due to the impact of revised and updated key assumptions referenced in "Moody's Approach to Rating Collateralized Loan Obligations" published in June 2011, key model inputs used by Moody's in its analysis, such as par, weighted average rating factor, diversity score, and weighted average recovery rate, may be different from the trustee's reported numbers. In its base case, Moody's analyzed the underlying collateral pool to have a performing par and principal proceeds balance of US$296 million, defaulted par of US$3.2 million, a weighted average default probability of 19.05% (implying a WARF of 2893), a weighted average recovery rate upon default of 48.9%, and a diversity score of 52. The default and recovery properties of the collateral pool are incorporated in cash flow model analysis where they are subject to stresses as a function of the target rating of each CLO liability being reviewed. The default probability is derived from the credit quality of the collateral pool and Moody's expectation of the remaining life of the collateral pool. The average recovery rate to be realized on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance trends and collateral manager latitude for trading the collateral are also factors. Marquette US/European CLO, P.L.C., issued in July 2006, is a multicurrency collateralized loan obligation backed primarily by a portfolio of senior secured loans denominated in US Dollars, Euros, and Pound Sterling. The principal methodology used in this rating was "Moody's Approach to Rating Collateralized Loan Obligations" published in June 2011. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in Section 2.3 of the "Moody's Approach to Rating Collateralized Loan Obligations" rating methodology published in June 2011 In addition to the base case analysis described above, Moody's also performed sensitivity analyses to test the impact on all rated notes of various default probabilities. Below is a summary of the impact of different default probabilities (expressed in terms of WARF levels) on all rated notes (shown in terms of the number of notches' difference versus the current model output, where a positive difference corresponds to lower expected loss), assuming that all other factors are held equal: Moody's Adjusted WARF -- 20% (2314) Class A-1a: 0 Class A-1b: +1 Class A-2 +1 Class B: +2 Class C: +2 Class D: +1 Class E: +2 Moody's Adjusted WARF + 20% (3472) Class A-1a: 0 Class A-1b: -2 Class A-2: -1 Class B: -2 Class C: -1 Class D: -1 Class E: -2 Moody's notes that this transaction is subject to a high level of macroeconomic uncertainty, as evidenced by 1) uncertainties of credit conditions in the general economy and 2) the large concentration of upcoming speculative-grade debt maturities, which may create challenges for issuers to refinance. CLO notes' performance may also be impacted by 1) the manager's investment strategy and behavior and 2) divergence in legal interpretation of CLO documentation by different transactional parties due to embedded ambiguities. Sources of additional performance uncertainties are described below: 1) Deleveraging: The main source of uncertainty in this transaction is whether deleveraging from unscheduled principal proceeds will continue and at what pace. Deleveraging may accelerate due to high prepayment levels in the loan market and/or collateral sales by the manager, which may have significant impact on the notes' ratings. 2) Recovery of defaulted assets: Market value fluctuations in defaulted assets reported by the trustee and those assumed to be defaulted by Moody's may create volatility in the deal's overcollateralization levels. Further, the timing of recoveries and the manager's decision to work out versus sell defaulted assets create additional uncertainties. Moody's analyzed defaulted recoveries assuming the lower of the market price and the recovery rate in order to account for potential volatility in market prices. 3) Exposure to credit estimates: The deal is exposed to a large number of securities whose default probabilities are assessed through credit estimates. In the event that Moody's is not provided the necessary information to update the credit estimates in a timely fashion, the transaction may be impacted by any default probability stresses Moody's may assume in lieu of updated credit estimates. 4) Currency exposure: The deal has significant exposure to non- USD denominated assets. Volatilities in foreign exchange rate will have a direct impact on interest and principal proceeds available to the transaction, which may affect the expected loss of rated tranches. Furthermore, a higher amortization speed, in either the USD or Euro denominated assets, exposes the transaction to foreign currency risk because the principal proceeds have to be converted at the spot exchange rate to pay down the pro-rata liabilities, which are denominated in USD and Euros. Moody's modeled additional scenarios assuming different amortization profiles for the USD and Euro denominated assets. TITAN EUROPE 2006-3: S&P Cuts Ratings on 2 Note Classes to 'D' -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on Titan Europe 2006-3 PLC's class E and F notes to 'D (sf)'. The class A, B, C, D, G, and H notes are unaffected by the rating actions. "On the April 2012 interest payment date (IPD), the issuer applied a non-accruing interest (NAI) on the class E and F notes. Therefore, the principal balance used for calculating interest accrued on these classes of notes has reduced," S&P said. The latest cash manager report declares that, as a result, the issuer paid reduced interest to the class E and F noteholders on the July 2012 IPD. "We have the lowered our ratings on the class E and F notes to 'D (sf)' from 'CCC- (sf)', to reflect these interest shortfalls in accordance with our criteria for rating commercial mortgage- backed securities (CMBS) transactions in the face of interest shortfalls," S&P said. "Titan Europe 2006-3 is a pan-European CMBS transaction, currently backed by 11 loans that are secured by 31 properties in Germany, France, Belgium, Luxembourg, and the Netherlands. The transaction closed in June 2006 and is scheduled to mature in July 2016," S&P said. POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES "We have taken the rating actions based on our criteria for rating European CMBS. However, these criteria are under review," S&P said. "As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria Change, our review may result in changes to the methodology and assumptions we use when rating European CMBS, and consequently, it may affect both new and outstanding ratings on European CMBS transactions," S&P said. "On June 4, we published a Request For Comment outlining our proposed criteria changes for CMBS Global Property Evaluation Methodology. The proposed criteria do not significantly change Standard & Poor's longstanding approach to deriving property net cash flow and value. We therefore anticipate limited impact for European outstanding ratings when the updated CMBS Global Property Evaluation Methodology criteria are finalized," S&P said. "However, because of its global scope, the proposed CMBS Global Property Evaluation Methodology does not include certain market- specific adjustments. An application of these criteria to European transactions will therefore be published when we release our updated rating criteria," S&P said. "Until such time that we adopt new criteria for rating European CMBS, we will continue to rate and monitor these transactions using our existing criteria," S&P said STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in this credit rating report are available at: http://standardandpoorsdisclosure-17g7.com RATINGS LIST Class Rating To From Titan Europe 2006-3 PLC EUR943.751 Million Commercial Mortgage-Backed Floating-Rate Notes Ratings Lowered E D (sf) CCC- (sf) F D (sf) CCC- (sf) Ratings Unaffected A BB+ (sf)/Watch Neg B CCC- (sf) C CCC- (sf) D CCC- (sf) G D (sf) H D (sf) TITAN EUROPE 2006-5: S&P Cuts Rating on Class C Notes to 'D' ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its credit rating on Titan Europe 2006-5 PLC's class C notes to 'D (sf)'. "At the same time, we have lowered and kept on CreditWatch negative our ratings on Titan Europe 2006-5's class A1 and X notes. These ratings are no longer on CreditWatch negative for counterparty reasons, but remain on CreditWatch for credit reasons. The class A2, A3, B, D, E, and F notes are unaffected by 's rating actions," S&P said. "On the July 2012 interest payment date (IPD), there was an interest shortfall on the class C notes, due to an increase in special servicing fees that cannot be funded by liquidity facility drawings. We consider that the shortfall on the class D notes is likely to continue," S&P said. "In addition, we expect principal losses on this class of notes," S&P said. "Our ratings in this transaction address timely payment of interest and payment of principal not later than the legal maturity date (July 2019). In accordance with our criteria for rating CMBS transactions in the face of interest shortfalls, we have lowered our rating on the class C notes to 'D (sf)' from 'CCC- (sf)'," S&P said. "On Jan. 31, 2012, we placed our ratings on the class A1 and X notes on CreditWatch negative for counterparty reasons. This followed our lowering to 'AA-' from 'AA' of our long-term rating on HSBC Bank PLC, the liquidity facility provider. The rating actions on the class A1 and X notes resolve this CreditWatch negative placement," S&P said. "The liquidity facility agreements in this transaction do not incorporate a counterparty replacement framework in line with our 2012 counterparty criteria. Under these criteria, without the incorporation of replacement mechanisms or equivalent remedies in terms of the agreement with the counterparty, and if there are no other mitigating factors, our ratings on supported securities would generally be no higher than our long-term rating on the counterparty," S&P said. "As a result, we have lowered to 'AA- (sf)' from 'AA (sf)' our ratings on the class A1 and X notes. Our ratings on these notes are no longer on CreditWatch negative for counterparty reasons, but remain on CreditWatch negative for credit reasons," S&P said. "Titan Europe 2006-5 is a pan-European CMBS transaction, currently backed by seven loans that are secured by 32 properties in Germany. The transaction closed in December 2006 and is scheduled to mature in July 2019," S&P said. POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES "We have taken the rating actions based on our criteria for rating European CMBS. However, these criteria are under review," S&P said. "As highlighted in the Nov. 8 Advance Notice Of Proposed Criteria Change, our review may result in changes to the methodology and assumptions we use when rating European CMBS, and consequently, it may affect both new and outstanding ratings on European CMBS transactions," S&P said. "On June 4, we published a Request For Comment outlining our proposed criteria changes for CMBS Global Property Evaluation Methodology. The proposed criteria do not significantly change Standard & Poor's longstanding approach to deriving property net cash flow and value. We therefore anticipate limited impact for European outstanding ratings when the updated CMBS Global Property Evaluation Methodology criteria are finalized," S&P said. "However, because of its global scope, the proposed CMBS Global Property Evaluation Methodology does not include certain market- specific adjustments. An application of these criteria to European transactions will therefore be published when we release our updated rating criteria," S&P said. "Until such time that we adopt new criteria for rating European CMBS, we will continue to rate and monitor these transactions using our existing criteria," S&P said. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Reports included in this credit rating report are available at: http://standardandpoorsdisclosure-17g7.com RATINGS LIST Class Rating To From Titan Europe 2006-5 PLC EUR660.969 Million Commercial Mortgage-Backed Floating-Rate Notes Ratings Lowered And Remaining On CreditWatch Negative[1] A1 AA- (sf)/Watch Neg AA (sf)/Watch Neg X AA- (sf)/Watch Neg AA (sf)/Watch Neg Rating Lowered C D (sf) CCC- (sf) Ratings Unaffected A2 A+ (sf)/Watch Neg A3 A- (sf)/Watch Neg B BB+ (sf)/Watch Neg D D (sf E D (sf) F D (sf) [1]These ratings are no longer on CreditWatch for counterparty reasons, but remain on CreditWatch negative for credit reasons. ========= I T A L Y ========= SEAT PAGINE: Completes Financial Restructuring ---------------------------------------------- The restructuring of the financial indebtedness of Seat Pagine Gialle S.p.A. has been successfully achieved on Sept. 6, with the completion of the refinancing of the senior facilities agreement entered into on May 25, 2005 between, among others, the Company and The Royal Bank of Scotland plc, Milan branch. The new facilities agreement comprises a new senior term facility of up to approximately EUR596 million and a new revolving facility of up to EUR90 million. Both facilities have been fully utilised to refinance the existing exposure under the facilities agreement dated May 25, 2005. In addition, the Company procured delivery to the paying agent of the amounts to be paid as interest with respect to the "EUR550,000,000 10 1/2% Senior Secured Notes due 2017" (ISIN: XS0482702395; XS0482720025) and to the "EUR200,000,000 10 1/2% Senior Secured Notes due 2017" (ISIN: XS0546483834; XS0546484303). The interest payment will be made by the paying agent to holders, with a record date of September 6, 2012. With respect to the provisions of the "Terms and Conditions of the warrant ordinary shares Seat Pagine Gialle S.p.A." (ISIN IT0004845589) and to the "Terms and Conditions of the warrant saving shares Seat Pagine Gialle S.p.A." (ISIN IT0004845597), the Company announces that the "Restructuring Effective Date" falls on September 6, 2012. The financial restructuring of the Company that has been now completed has been implemented within a recovery plan under article 67, paragraph 3, letter (d) of the Italian insolvency law and successfully closes today after 18 months of work in which the Company's management and structures and its advisors, among which Rothschild, Facchini Rossi Scarioni, Linklaters LLP and Giliberti Triscornia Pappalettera & Associati, have been continuously engaged in one of the most important and complex debt restructuring transactions ever carried out in Italy. The Company has expressed its full satisfaction and appreciation to all parties involved, in remembrance of the late Chief Executive Officer, Alberto Cappellini, who has led such restructuring process until March this year. The restructuring allows the Company to proceed with evolving towards a business model oriented in the digital field, continuing to represent one of the most important and interesting player in the Italian industrial scenario. About SEAT Pagine SEAT Pagine Gialle SpA (PG IM) -- http://www.seat.it/-- is an Italy-based company that operates multimedia platform for assisting in the development of business contacts between users and advertisers. It is active in the sector of multimedia profiled advertising, offering print-voice-online directories, products for the Internet and for satellite and ortophotometric navigation, and communication services such as one-to-one marketing. Its products include EuroPages, PgineBianche, Tuttocitta and EuroCompass, among others. Its activity is divided into four divisions: Directories Italia, operating through, Seat Pagine Gialle; Directories UK, through TDL Infomedia Ltd. and its subsidiary Thomson Directories Ltd.; Directory Assistance, through Telegate AG, Telegate Italia Srl, 11881 Nueva Informacion Telefonica SAU, Telegate 118 000 Sarl, Telegate Media AG and Prontoseat Srl, and Other Activitites division, through Consodata SpA, Cipi SpA, Europages SA, Wer liefert was GmbH and Katalog Yayin ve Tanitim Hizmetleri AS. =================== L U X E M B O U R G =================== PROLOGIS EUROPEAN: Prologis Inc. Takes Control of Assets -------------------------------------------------------- Prologis, Inc. on Sept. 6 disclosed that it assumed 100% control of ProLogis European Properties' (PEPR) assets and liabilities. PEPR was a Luxembourg closed-ended investment fund. PEPR completed its delisting from the Luxembourg Stock Exchange and NYSE Euronext Amsterdam. Preferred unitholders received EUR6.030316 per unit. Ordinary unitholders received EUR6.55 per unit. "We are excited to be ahead of schedule on assuming 100% control of PEPR's assets, and we will commence work on the recapitalization of this portfolio," said Guy F. Jaquier, CEO, Private Capital, Prologis. The assets Prologis received from PEPR's liquidation include 210 distribution facilities covering 48.4 million square feet (4.5 million square meters) across 11 European countries. Occupancy in the portfolio was above market average at 93.2% with a diverse customer base. Prologis, Inc. is an owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. ===================== N E T H E R L A N D S ===================== AEG POWER: S&P Affirms 'B-' Corp. Credit Rating; Outlook Negative ----------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Netherlands-based engineered power solutions provider AEG Power Solutions B.V. to negative from stable. "At the same time, we affirmed our 'B-' long-term corporate credit rating on the company," S&P said. "The outlook revision follows the downward revision by AEG Power Solutions' parent 3W Power S.A. of its earnings expectations for 2012 to the low end of the previously published range of EUR430 to EUR460 million revenues and 9%-11% EBITDA margin. This follows weak results that AEG Power Solutions reported in the first half of 2012," S&P said "The weak results reflect a combination of unfavorable factors constraining AEG Power Solution's operating performance. In our view, the downside risks for the rating have now increased. As such, we estimate that there is a one-in-three chance that the company's credit metrics could be lower than those we forecast in our 2012 and 2013 base-case scenario. We believe that overcapacity in the polysilicon market and weak conditions in developed economies such as Germany, combined with pricing pressure in emerging markets such as India, will preclude AEG Power Solutions improving profitability and cash generation in the short term," S&P said. "The company reported negative EBITDA in the first quarter of 2012 and only EUR2 million for the six months ended June 2012. The reduction in polysilicon demand and delays in customer orders due to economic uncertainty and difficulties in financing projects could lead to financial results dropping below the already downward adjusted management's expectations," S&P said. "In our base-case credit scenario, we estimate that AEG Power Solutions will generate about EUR30 million in Standard & Poor's- adjusted EBITDA in 2012, a 38% decline year-on-year. We base our forecast on some recovery in the company's Renewable Energy Solutions segment, supported by new orders in the second and third quarters of 2012, as well as stable performance in the Energy Efficient Solutions segment, which has benefited from the management's cost-control measures. If debt remains at the same level as it was on June 30, 2012 (adjusted debt of EUR135 million) this will result in debt to EBITDA of 4.8x and funds from operations (FFO) to debt of 10%. These figures are in line with the minimum guideline ratios for the rating. If, under an alternative scenario, we incorporate constraints arising from an uncertain business environment for subsequent quarters, credit ratios could drop to levels that are below the rating guidelines," S&P said. "We believe that AEG Power Solutions' cash flow generation will suffer from pressure on earnings, and that the company will post negative free operating cash flow (FOCF) in 2012, comparable with, or slightly better than, negative EUR16 million in 2011. We anticipate that trading conditions will remain difficult in 2013 and that AEG Power Solutions' earnings and cash generation could weaken further," S&P said. "The negative outlook reflects a one-in-three chance that we could lower the rating on AEG Power Solutions over the next 12 months if the downside risks to the company's performance weaken credit ratios to below our guidelines for the 'B-' rating. We consider the ratio of adjusted FFO to debt of about 10% to be commensurate with the current rating, as long as liquidity remains 'adequate' under our criteria," S&P said. "We could revise the outlook to stable if AEG Power Solutions' business position strengthens over the near term. Such strengthening would be evident from a material increase in the company's contract base, and stable revenues and operating profitability in line with the levels in 2011. In our opinion, AEG Power Solutions' ability to generate sufficient cash flow in order to post an FFO-to-debt ratio comfortably in the teens on a sustainable basis, coupled with reliable prospects of positive FOCF, would be a pre-requisite of an outlook revision to stable," S&P said. "Alternatively, we could lower the rating if economic conditions weaken further and/or if debt-financed activities hamper earnings, liquidity and, subsequently, credit measures, leading to negative FOCF and FFO to debt of materially less than 10% for a prolonged time," S&P said. STORK HOLDING: Moody's Withdraws 'B2' Corporate Family Rating ------------------------------------------------------------- Moody's Investors Service has withdrawn the B2 corporate family rating (CFR) and probability of default rating (PDR) of Stork Holding B.V. Ratings Rationale Moody's has withdrawn the rating for its own business reasons. Moody's B2 CFR on Stork Technical Services Topco B.V, and B3 rating on the EUR272.5 million Notes due 2017 at Stork Technical Services Holdco B.V. are unaffected by this rating action. Headquartered in the Netherlands, the Stork Group generated revenues of EUR1.6 billion in 2011 on an unaudited basis. The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure. STORK TECHNICAL: Moody's Rates EUR272.5MM Sr. Secured Notes 'B3' ---------------------------------------------------------------- Moody's Investors Service has assigned a definitive B3 rating to Stork Technical Services Holdco B.V.'s (STS, or the company) recent EUR272.5 million of senior secured notes due 2017. Moody's has also assigned a definitive B2 to the CFR and PDR. The ratings outlook remains negative. Ratings Rationale In mid-August 2012 STS reduced the size of its proposed EUR315 million senior secured notes issuance to EUR272.5 million, and changed the maturity of the notes from 2019 to 2017. "Despite the reduced leverage resulting from the lower debt amount of the modified transaction, STS continues to be exposed to a very challenging market environment, especially in Europe, the company's principal market, which represented around 75% of financial year 2011 sales," says Anthony Hill, a Moody's Vice President -- Senior Analyst and lead analyst for STS. For the financial year ended 2011, STS recorded a 3% decline in revenue to EUR950 million (excluding RBG Holdings, the UK-based maintenance service provider acquired by STS in 2011). This reflects customers' cautiousness in committing to new larger- scale contracts, as well as weak economic activity resulting in increased competition for remaining contracts. Moody's expects the weak macroeconomic environment in Europe to continue to make trading conditions difficult for STS in the short to medium term. However, more positively, the B2 CFR also reflects that, as a leading provider of asset integrity services, STS holds well- established positions in Europe, with attractive entry positions in Americas, Middle East and Asia. STS benefits from the contractual nature of part of its business and long-lasting customer relationships (generally between five and 30 years), and a knowledge of its client base that helps to ensure revenue stream stability. Moody's also notes positively STS's integration of RBG Holdings. In the rating agency's view, the corporation will broaden the service range of STS, giving the company a stronger footing in oil and gas. Moody's considers STS to have an adequate liquidity profile given (1) cash balances post-transaction of EUR32 million; (2) a committed and largely undrawn revolving credit facility (RCF) of EUR100 million; and (3) sufficient headroom under covenants, set with 40% headroom. However, Moody's also expects that (1) the company's cash flow will remain near zero for the financial year ending 2012; and (2) it will utilize approximately EUR40 million of the RCF to replace existing performance guarantees and surety bonds. The negative outlook reflects the potential that STS's rating could experience downward pressure over the coming months as a result of deterioration in some of its core European markets. What Could Change The Rating Up/Down Given the negative outlook, Moody's does not expect upward pressure on the rating in the near term. However, the ratings outlook could stabilize if STS were to (1) solidly, and consistently, generate positive free cash flow; (2) exhibit a Moody's-adjusted debt/EBITDA ratio of below 4.5x; and (3) maintain a ratio of Moody's-adjusted EBITDA minus capital expenditure (capex)/interest expense of 2.0x. Moody's is primarily concerned about STS's profitability prospects given the ongoing harsh trading environment. Indeed, a downgrade could result if STS's profitability profile were to weaken. Other triggers for a downgrade could include (1) Moody's- adjusted debt/EBITDA rising above 5.0x; (2) Moody's-adjusted EBITDA minus capex/interest expense falling below 1.5x; or (3) a weakening liquidity profile due to, or in addition to, tightening of covenant headroom. The principal methodology used in rating Stork Technical Services Holdco B.V. and Stork Technical Services Topco B.V was the Global Business & Consumer Service Industry Rating Methodology published in October 2010. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Stork Technical Services Topco B.V., headquartered in the Netherlands, is a provider of asset integrity services to the oil and gas, chemical and refining, and power sectors. For the financial year ended December 31, 2011 STS reported combined unaudited revenues of EUR1.3 billion. =========== N O R W A Y =========== DRILL RIGS: Moody's Rates US$750MM Senior Secured Notes '(P)B2' --------------------------------------------------------------- Moody's Investors Service assigned a (P)B2 rating to the new US$750 million senior secured notes to be issued by Drill Rigs Holdings Inc., a subsidiary of Ocean Rig UDW Inc. Moody's also upgraded the group's probability of default rating (PDR) to B2, in-line with the B2 corporate family rating (CFR), as well as the rating on the US$500 million senior unsecured notes to Caa1. The outlook was revised from negative to stable. Moody's issues provisional ratings in advance of the final sale of securities. Upon closing of the transaction and a conclusive review of the final documentation, Moody's will endeavor to assign definitive ratings. A definitive rating may differ from a provisional rating. Ratings Rationale The rating actions follow the announcement by Ocean Rig of a planned debt refinancing. This comprises the issuance of the new notes to fully repay the US$488 million outstanding on the existing US$1.04 billion senior secured credit facility maturing in September 2013. Excess cash from the refinancing will be used for financing offshore drilling rigs. The affirmation of the CFR at B2, reflects the improvements in Ocean Rig's business profile, a continued strong ultra-deepwater market and improved liquidity post the refinancing, mitigated by very high current adjusted gross leverage of nearly 7.0x and higher than Moody's expectations. Over the last year, the company has announced numerous medium-term contract and letter of intent awards on its existing rigs and two of those under construction. This has resulted in all of the operational rigs apart from the Eirik Raude and one of the rigs under construction being contracted out through 2014, leading to a contract backlog of US$4.8 billion compared to US$1.8 billion at the time of the initial rating. The PDR has been upgraded one notch to B2, in-line with the CFR, to account for the removal in April from Ocean Rig's credit facilities of cross default clauses with DryShips Inc (unrated but which was constraining the PDR), and an expected family recovery rate of 50% as is typical for structures with both bank and bond debt. The (P)B2 rating on the new secured notes reflects that they will be secured by first liens on the Leiv Eiriksson and Eirik Raude and all other assets of Drill Rigs. However, the instrument rating is in-line with the CFR as access to funds from enforcement on the other seven rigs can only be gained through the parent guarantee from Ocean Rig, ranking the claims of the new notes on those rigs equal with the other credit facilities in relation to rigs that they do not have first lien security on and the unsecured bonds. The upgrade of the US$500 million unsecured bonds to Caa1 is in-line with Moody's loss-given default approach given the new capital structure and a PDR of B2. The new notes have standard high-yield incurrence covenants including those on restricted payments, debt incurrence and liens but no financial covenants. In H1 2012, revenue increased 81% year-on-year (YoY) as the two new drillships became operational. However, profitability was impacted by the transition of all the rigs, apart from the Poseidon, to new contracts that resulted in costs associated with idle times, acceptance testing, mobilization and BOP upgrades as well as higher than expected operating costs on the Leiv Eiriksson, Corcovado and Mykonos. In consequence, adjusted gross leverage for the last-twelve months to June 30, 2012 is nearly 7.0x, higher than Moody's expected, and very high given the capital intensive, highly cyclical nature of the offshore contract drilling sector. Moody's expects this to fall towards 6.0x by year end 2012 as most rigs will be operating on the same contract throughout this time. However, the company is unlikely to deleverage in 2013 as it intends to draw down on a US$1.35 billion loan facility, that is currently in the process of syndication, to finance the delivery payments of the three rigs under construction. Moody's views Ocean Rig's liquidity as adequate for its short- term needs assuming the completion of the new notes issuance as outlined. This will both address next year's bank debt maturity and provide about an additional US$250 million in cash to the USD191 million already on the balance sheet as of H1 2012. Following the proposed refinancing, absent the US$177 million in yearly amortization payments, the next debt maturities are not until 2016. Moody's assumes positive free cash flow in 2013, absent the US$1.3 billion in delivery payments for the new rigs, which Moody's expects to be financed with the loan currently under syndication. The stable outlook reflects Moody's view that the completion of the proposed financing will remove near-term liquidity risks, supported by the company's contract backlog and a positive operating environment outlook. The company's high leverage dampens the prospect of an early upgrade to the CFR. However, the CFR could face positive pressure if inter alia, the construction of the new rigs are completed on time and to budget, and adjusted gross debt to EBITDA is materially and sustainably below 4x. Conversely, the CFR could face downward pressure if adjusted gross debt to EBITDA stays above 6x on a sustained basis or if the conditions for a stable outlook are not met. The principal methodology used in rating Ocean Rig UDW Inc and Drill Rigs Holdings Inc was the Global Oilfield Services Rating 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. DRILL RIGS: S&P Rates US$750 Million Senior Secured Notes 'B' ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' issue rating to the proposed US$750 million senior secured notes due 2017 to be issued by Drill Rigs Holding Inc., a subsidiary of offshore drilling company Ocean Rig UDW Inc. (B/Stable/--). "The recovery rating on the proposed notes is '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default," S&P said. The issue and recovery ratings on the proposed US$750 million senior secured notes are subject to final documentation. "At the same time, our recovery rating on the US$500 million senior unsecured notes issued by Ocean Rig UDW Inc. remains unchanged at '6', reflecting our expectation of negligible (0%- 10%) recovery prospects in an event of default," S&P said. "The recovery rating on the new notes is underpinned by their first ranking pledge over substantially all the assets of the issuer Drill Rigs Holdings Inc., including the drilling units Eirik Raude and Leiv Eirikson which have a combined book value of US$1.2 billion. The notes also benefit from a guarantee from parent company Ocean Rig UDW Inc. and subsidiaries under Drill Rigs Holdings Inc. and a pledge over the shares of the issuer, Drill Rigs Holdings Inc. and of its subsidiaries. The recovery rating is constrained at the '3' level by the uncertain jurisdictional exposure at the point of hypothetical default, as the rigs could be located in countries with weaker insolvency regimes, which could make it difficult to enforce the noteholders' claim on the rigs or the shares of the issuer. We understand that the notes' documentation allows the issuance of only US$50 million of additional notes with the benefit of the notes' collateral," S&P said. "The proceeds of the new notes will be devoted to refinancing the existing US$400 million credit facility due 2013 located at Drill Rigs Holdings Inc., which originally financed the construction of rigs Eirik Raude and Leiv Eirikson. The excess proceeds will result in additional corporate liquidity. The recovery ratings on the existing 9.5% senior notes carry a recovery rating of '6' due to the notes' unsecured and unguaranteed nature and the fact that virtually all other group debt is secured by assets, thereby creating contractual and structural subordination for these notes," S&P said. "In line with our criteria, to determine recoveries, we simulated a hypothetical default scenario. In this scenario, we assumed material delays in finding charters for some of the company's new vessels and much lower rates as certain charters on existing rigs expire. This would lead to difficulty in financing the $1.3 billion remaining capital expenditure for the three seventh- generation hull drillships under construction to be delivered in 2013 and/or for the potential $2 billion financing in 2014 and 2015 if the company exercises its option to build three additional drillships. We assume a default in late 2014 triggered by this financing risk, although recovery prospects would not be substantially affected if the default occurred in 2013. Using a discrete asset valuation, we estimate that, at the point of default, the stressed value of the security that provides the collateral for the notes would be approximately $600 million," S&P said. "We also assumed administrative costs at 10% and added six months of prepetition interests to the amount of notes outstanding at the point of default. On this basis, we calculate coverage for the new notes at the very high end of the 50%-70% range," S&P said. RATINGS LIST New Rating Drill Rigs Holdings Inc. Senior Secured US$750 mil nts due 12/31/2017* B Recovery Rating 3 Ratings Affirmed Ocean Rig UDW Inc. Senior Unsecured Local Currency CCC+ Recovery Rating 6 *Guaranteed by Ocean Rig UDW Inc. =========== P O L A N D =========== POLIMEX: Obtains PLN45 Million Rescue Loan From ARP --------------------------------------------------- Adrian Krajewski at Reuters reports that Polimex won a lifeline loan from state-owned development agency ARP. Polimex is the largest of dozens of Polish construction companies facing financial trouble after bidding for cut-price contracts to build roads for the Euro 2012 soccer championship Poland co- hosted with Ukraine, Reuters notes. Reuters relates that the state agency said it would lend Polimex PLN45 million (US$13.6 million), less than a third of the total aid the company planned to ask of the state agency. Polimex fired Chief Executive Konrad Jaskola on Aug. 10, after creditors agreed to waive interest payments for four months to give the company time to restructure its PLN2.5 billion debt, Reuters recounts. His replacement, Oppenheim, who joined from Austrian builder Strabag, said his priorities were agreeing a debt deal with banks and bondholders and finding new investors to buy a stake, Reuters notes. Polimex is a Polish construction company. =============== P O R T U G A L =============== BANCO SANTANDER: Moody's Downgrades Ratings on Covered Bonds ------------------------------------------------------------ Moody's Investors Service has downgraded to Baa3 from Baa1 the covered bonds issued by Banco Santander Totta S.A. (BST; Ba1, on review for downgrade; BFSR D-/BCA ba3, Not Prime). These covered bonds remain on review for downgrade. The rating action was prompted by Moody's adjustment of the highest achievable covered bond ratings in Portugal to Baa3, in turn prompted by the adjustment of the country risk ceiling in Portugal to Baa3 that caps the highest achievable covered bond ratings in Portugal at the same level. Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF297013for the List of Affected Credit Rating. This list is an integral part of this Press Release and identifies the affected transaction. Ratings Rationale The adjustment of the highest achievable covered bond ratings was prompted by the adjustment of the country risk ceiling in Portugal to Baa3 on September 5, 2012. Moody's expects to maintain the review on BST's covered bonds, pending (1) the final rating action on (or confirmation of) BST's Ba1 rating; and (2) a determination of the over-collateralization levels that would be consistent with any downgraded issuer rating, in conjunction with the issuers' willingness to provide further over-collateralization, if necessary. Key Rating Assumptions/Factors Covered bond ratings are determined after applying a two-step process: an expected loss analysis and a TPI framework analysis. EXPECTED LOSS: Moody's determines a rating based on the expected loss on the bond. The primary model used is Moody's Covered Bond Model (COBOL), which determines expected loss as (1) a function of the issuer's probability of default (measured by the issuer's rating); and (2) the stressed losses on the cover pool assets following issuer default. Please click the link http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF297013for detailed information on over-collateralization, cover pool losses, collateral risk, market risk and collateral score of the BST covered bond program. TPI FRAMEWORK: Moody's assigns a "timely payment indicator" (TPI), which indicates the likelihood that timely payment will be made to covered bondholders following issuer default. The effect of the TPI framework is to limit the covered bond rating to a certain number of notches above the issuer's rating. This level is determined by (1) the relationship between the TPI, which is currently deemed by Moody's to be "Very Improbable" for the covered bonds of BST; and (2) the senior debt ratings of the banks supporting these covered bonds. However, Moody's highlights that there are many factors that might influence the application of TPIs, in particular for sub-investment-grade-rated issuers. For further details on cover pool losses, collateral risk, market risk, collateral score and TPI Leeway across covered bond programs rated by Moody's please refer to "Moody's EMEA Covered Bonds Monitoring Overview", published quarterly. These figures are based on Moody's most recent modeling (based on the latest data that has been analyzed by Moody's) and are subject to change over time. These numbers are typically updated quarterly in Performance Overviews published by Moody's. Sensitivity Analysis The robustness of a covered bond rating largely depends on the issuer's credit strength. A multi-notch downgrade of the covered bonds might occur in certain limited circumstances, such as (1) a sovereign downgrade that negatively affects both the issuer's senior unsecured rating and the TPI; (2) a multi-notch downgrade of the issuer; or (3) a material reduction of the value of the cover pool. As the euro area crisis continues, the ratings of covered bonds remain exposed to the uncertainties of credit conditions in the general economy. The deteriorating creditworthiness of euro area sovereigns as well as the weakening credit profile of the global banking sector could negatively impact the ratings of covered bonds. For more information please refer to the Rating Implementation Guidance published on February 13, 2012 "How Sovereign Credit Quality May Affect Other Ratings". Furthermore, as discussed in Moody's special report "Rating Euro Area Governments Through Extraordinary Times -- An Updated Summary," published in October 2011, Moody's is considering reintroducing individual country ceilings for some or all euro area members, which could affect further the maximum structured finance rating achievable in those countries. Moody's is also continuing to consider the impact of the deterioration of sovereigns' financial condition and the resultant asset portfolio deterioration in covered bond transactions. Rating Methodology The principal methodology used in this rating was "Moody's Rating Approach to Covered Bonds", published in July 2012. ========= S P A I N ========= ACCESOS DE MADRID: May File for Bankruptcy & Suspend Payments ------------------------------------------------------------- Angeline Benoit at Bloomberg News, citing Expansion reports that Accesos de Madrid may file for bankruptcy and suspend payments around Sept. 15 as it is unable to repay a syndicated loan of EUR600 million maturing this month. According to Bloomberg, the newspaper said that shareholders of the company include Abertis Infraestructuras SA, Sacyr Vallehermoso SA, Bankia SA, and Actividades de Construccion y Servicios SA. The newspaper said that Spain's government owes the company around EU80 million, Bloomberg notes. Accesos de Madrid is a toll road operator. CAIXA GALICIA II: Fitch Cuts Rating on Class D Notes to 'Bsf' ------------------------------------------------------------- Fitch Ratings has affirmed seven and downgraded one tranche of AyT Colateral Global Hipotecario Caixa Galicia (Galicia) I and II, a series of Spanish RMBS. The agency has also removed four tranches from Rating Watch Negative (RWN). The removal of the RWN follows the implementation of remedial actions on ineligible counterparties. In July 2012, the role of account bank and paying agent was transferred to Barclays Bank Plc ('A'/Stable/'F1') from Confederacion Espanola de Cajas de Ahorros ('BBB'/Negative/'F3') in both deals. The downgrade of Galicia II's class D note and the Negative Outlooks on the mezzanine and junior notes in both deals relate to the weaker performance of the assets observed over the past 12 months. As of the January and April 2012 investor reports, the portion of loans in arrears by more than three months as a percentage of collateral balance had risen to 1% and 1.4% compared with 0.6% and 0.5% 12 months ago in Galicia I and II, respectively. The performance of Galicia II has been marginally weaker than that of Galicia I with higher arrear levels and more, albeit still low, cumulative defaults (0.2% of initial collateral balance compared with 0.1%). The higher provisioning requirements have put pressure on the transaction in the past, resulting in reserve fund draws as the excess spread generated was insufficient to clear period defaults. With the arrear levels in both deals trending upwards and recent macro-economic statistics suggesting a negative outlook for the Spanish housing market, Fitch believes that credit enhancement levels for the junior and mezzanine notes are likely to come under pressure. These concerns are reflected by the downgrade of the class D notes to 'Bsf' and the Negative Outlooks on the junior and mezzanine notes in both deals. The rating actions are as follows: AyT Colaterales Caixa Galicia I: -- Class A (ES0312273289) affirmed at 'AA-sf'; Outlook Negative; Off RWN -- Class B (ES0312273297) affirmed at 'Asf'; Outlook Negative; Off RWN -- Class C (ES0312273305) affirmed at 'BBB-sf'; Outlook revised to Negative from Stable -- Class D (ES0312273313) affirmed at 'BB-'; Outlook revised to Negative from Stable AyT Colaterales Caixa Galicia II: -- Class A (ES0312273404) affirmed at 'AA-sf'; Outlook Negative; Off RWN -- Class B (ES0312273412) affirmed at 'Asf'; Outlook Negative; Off RWN -- Class C (ES0312273420) affirmed at 'BBB-sf'; Outlook revised to Negative from Stable -- Class D (ES0312273438) downgraded to 'Bsf' from 'BB-sf'; Outlook revised to Negative from Stable CAJA GRANADA 1: Fitch Affirms 'Bsf' Rating on Class D Notes ----------------------------------------------------------- Fitch Ratings has taken rating actions on AyT Caja Granada 1 and AyT Colaterales Global Hipotecario, FTA Serie AyT Colaterales Global Hipotecario CAJA Granada (AyT CGH Caja Granada). Fitch placed the class A and B notes of Ayt CGH Caja Granada on RWN on 3 April 2012, following the downgrade of Confederacion Espanola de Cajas de Ahorros (CECA; 'BBB'/Negative/'F3'). The bank acted as the account bank and was replaced on 17 July 2012 by Barclays Bank plc ('A'/Stable/'F1'). In line with the agency's structured finance counterparty criteria, Barclays Bank plc is deemed an eligible counterparty to support structured finance ratings of at least 'AA-sf'. Both Caja Granada I's and AyT CGH Caja Granada's pool comprises residential loans originated and serviced by Caja General de Ahorros de Granada, part of Banco Mare Nostrum S.A. ('BB+'/Stable/'B'). The downgrade of Banco Mare Nostrum S.A. to sub-investment grade has increased the payment interruption risk, which would be triggered by the default of the servicer. For this reason, Fitch placed AyT Caja Granada 1's class A notes on RWN on 11 July 2012 and maintained Ayt CGH Caja Granada's A and B notes on RWN. To mitigate the increased risk of payment interruption and liquidity shortfalls, Banco Mare Nostrum S.A. has informed Fitch of its intention to fund a deposit which would cover six months' worth of interest payments on the class A notes for both transactions. The proposal is in its early stages, and documentation is yet to be finalized. For this reason the agency is maintaining the notes on RWN pending completion of remedial actions. The affirmation of the notes rated 'BBBsf' and below reflects the asset performance, which remains in line with Fitch's expectations, as well as the sufficient level of credit support available to the rated notes. As of June 2012, loans in arrears by more than three months stood at 2.5% and 6% of the outstanding pool balances of Ayt CGH Caja Granada and Ayt Caja Granada 1, respectively. Cumulative gross defaults, defined as loans in arrears by more than 18 months, were 0.61% (Ayt CGH Caja Granada) and 1.63% (Ayt Caja Granada 1) of the initial pool balance. For the past year, defaults generated by the two pools have been fully provisioned using excess spread produced by the structure, as well as recoveries received on defaulted loans. Given the pipeline of late stage arrears, Fitch expects the excess spread to remain sufficient for provisioning purposes, and does not expect to see reserve fund draws in the next 12-18 months. However, the agency remains sceptical about the servicer's ability to maintain such a high level of future recoveries, especially in the current market environment. For this reason, the agency has affirmed the ratings of the mezzanine and junior notes with Negative Outlooks. The rating actions are as follows: AyT Caja Granada 1: -- Class A (ISIN ES0312212006) 'AA-sf'; maintained on Rating Watch Negative (RWN) -- Class B (ISIN ES0312212014) affirmed at 'BBBsf'; Outlook Negative -- Class C (ISIN ES0312212022) affirmed at 'BBsf'; Outlook Negative -- Class D (ISIN ES0312212030) affirmed at 'Bsf'; Outlook Negative AyT CGH Caja Granada: -- Class A (ES0312273164) 'AA-sf'; maintained on Rating Watch Negative (RWN) -- Class B (ES0312273172) 'Asf'; maintained on Rating Watch Negative (RWN) -- Class C (ES0312273180) affirmed at 'BBsf'; Outlook Negative -- Class D (ES0312273198) affirmed at 'Bsf'; Outlook Negative =========== T U R K E Y =========== ASYA KATILIM: Fitch Affirms 'B+/B' IDRs; Outlook Stable ------------------------------------------------------- Fitch Ratings has affirmed Turkey-based Asya Katilim Bankasi A.S.'s (Bank Asya) Long-term foreign currency and local currency Issuer Default Ratings (IDR) at 'B+' with Stable Outlook, Short- term foreign and local currency IDRs at 'B', National Long-term rating at 'A-(tur)' with Stable Outlook, Viability Rating at 'b+', Support Rating at '5' and Support Rating Floor at 'NF'. Fitch has simultaneously withdrawn all the ratings. The ratings have been withdrawn as the agency will no longer have sufficient information to maintain the ratings due to the issuer's decision to stop participating in the rating process. Fitch will no longer provide ratings or analytical coverage of the issuer. * TURKEY: S&P Assigns 'BB' Ratings to Sukuk Lease Certificates -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' issue credit ratings to the proposed U.S. dollar Sukuk Lease Certificates to be issued by Hazine Mustesarligi Varlik Kiralama Anonim Sirketi (the issuer), a special-purpose vehicle (SPV) wholly owned by the Republic of Turkey (foreign currency, BB/Stable/B). "We believe the transaction aims to raise funds in accordance with the Islamic principles of 'ijara' (leasing). The assets underlying the lease will be state-owned buildings and land in Turkey. Under the transaction, the state will sell a pool of property assets to the issuer," S&P said. "The issuer will hold the assets in its own name and for the benefit of the certificate holders. The state is to act as servicing agent to maintain the assets. The issuer will lease back the assets to the state, which will make regular rental payments to the issuer. These will be the basis for periodic distribution payments payable on the lease certificates. The rental payment obligation ranks pari passu with other unsecured and unsubordinated obligations of the state," S&P said. "On maturity (dissolution), the state will purchase the lease assets from the issuer at the relevant exercise price, as specified in the purchase undertaking. The purchase price in connection with this sale funds the dissolution amount that is payable to the certificate holders," S&P said. "In our view, the two key rating factors underpinning the rating on the sukuk are the rental payments to be made by the state, which ensure payment of the periodic distribution amounts, and the obligation that the state has to repurchase the underlying assets, which ensures payment of the dissolution amount to certificate holders. The rating on the sukuk is equalized with our rating on the senior unsecured debt of Turkey. Standard & Poor's considers that Turkey has a strong incentive to consider the performance of the lease certificates to be as important as its conventional debt, because the rationale for the transaction is to raise funds in accordance with Islamic principles, rather than to separate the state's own obligations from those of the issuer," S&P said. =========================== U N I T E D K I N G D O M =========================== ATRIUM EUROPEAN: S&P Raises Corporate Credit Ratings From 'BB+/B' ----------------------------------------------------------------- Standard & Poor's Ratings Services raised its long- and short- term corporate credit ratings on Jersey-based real estate company Atrium European Real Estate Ltd. (Atrium) to 'BBB-/A-3' from 'BB+/B'. The outlook is stable. "The upgrade reflects the higher proportion of income-producing retail property assets in Atrium's asset base, which led us to revise our assessment of its business risk profile to 'satisfactory' from 'fair,'" S&P said. "We anticipate that the share of development activities should remain slightly lower than 20% of Atrium's asset base going forward, with a strong focus on the extension and refurbishment of existing sites. We estimate that the delivery of the extension projects in Plock and Gdynia, Poland, should result in Atrium's standing investments representing more than 80% of its EUR2.7 billon total portfolio value and generating funds from operations (FFO) in excess of EUR100 million by the end of 2014, under our base-case scenario. We view revenue from development activities as more volatile than passive rent collection, as it is exposed to construction and letting risks. An increasing part of Atrium's recurring income comes from mature real estate assets, which should continue supporting cash flow stability. Atrium's portfolio of 37 development projects, valued at EUR567.5 million as of June 30, 2012, mainly consists of landbank and extensions of existing assets, which we view as less risky than greenfield or brownfield projects. We also take a positive view of the company's stated target to reduce development to a maximum of 10% of its total portfolio's market value over the long term," S&P said. "The upgrade also incorporates the fact that Atrium's profitability has stabilized thanks to local efficiency improvements and better rent collection overall. This has resulted in a Standard & Poor's-adjusted EBITDA margin reaching the 60%-70% range, which we believe falls within our guidance for a retail real estate investment trust (REIT) with a 'satisfactory' business risk profile. Under our base-case scenario, we anticipate that Atrium's EBITDA interest coverage ratio will remain higher than 3x over the next two years. We believe that Atrium's strong presence in growing markets like Poland (38% of gross rental income as of June, 30, 2012) and Russia (27%), where retailers currently outperform the subdued European market, is a key competitive advantage over the medium term. We think that low vacancy and healthy growth rates reported by international retailers in those countries should support the resilience of Atrium's recurring income over the short term, although they could become more vulnerable to the economic crisis in the longer term," S&P said. "Offsetting these strengths, we note Atrium's slightly higher percentage of development activities relative to other investment grade-rated European REITs and we continue to regard its geographic diversity as relatively modest," S&P said. "Additionally, we think Atrium's ownership and management structures have stabilized after a period of corporate change. We also view the company's financial policy as moderate, reflecting its publicly stated target of a reported loan-to-value (LTV) ratio remaining below 30%, which we view as commensurate with an 'intermediate' financial risk profile," S&P said. "The stable outlook reflects our view of positive trends in Atrium's operating metrics and low debt relative to its peers, which support the ratings," S&P said. "We believe Atrium should be able to pursue its growth strategy in key markets, while maintaining EBITDA interest coverage and adjusted LTV ratios above 3x and below 40%, respectively. We also expect Atrium's ratio of debt to debt and equity to remain modest, standing well below 50%," S&P said. "We could raise the ratings if Atrium significantly diversified its market exposures, generated a track record of raising unsecured debt, and maintained a sufficient liquidity cushion to meet any unexpected shortfalls in income or cost overruns in its development projects," S&P said. "We could lower the ratings if we saw unexpected changes in discretionary spending or shareholding structure that could limit the funding options open to the company. We would consider a rebound in the share of development activities to more than 20% of Atrium's total portfolio value or a sharp deterioration of the environment in its key markets to be a significant increase in the group's business risk. This might prompt us to consider a rating review. Consumer confidence in Central and Eastern Europe, and specifically retail sector performance in Atrium's main markets, remain the principal operating risks that could affect Atrium's interest cover and other debt metrics," S&P said. RESIDENTIAL MORTGAGE: S&P Assigns 'BB' Rating to Class B2 Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to Residential Mortgage Securities 26 PLC's (RMS 26) class A1, M1, M2, B1, and B2 notes. "At the same time, the issuer will also issue unrated class R1, R2, and R3 notes," S&P said. "The notes will be collateralized by a pool of first-ranking mortgage loans--comprising nonconforming residential and buy-to- let residential--secured against property located in England, Scotland, and Wales. Of the collateral pool, Kensington Mortgage Co. Ltd. (KMC) originated 61.0%, Money Partners Ltd. 7.5%, and Paratus AMC (formerly known as GMAC-RFC Ltd.) 31.5%. The Paratus AMC originated portfolio was later purchased by Investec Bank PLC (Investec), with legal title transferred to KMC. All loans were originated during or before 2007, with 37.8% of the portfolio previously included in Residential Mortgage Securities 16 PLC, Residential Mortgage Securities 17 PLC, and Residential Mortgage Securities 18 PLC," S&P said. The collateral pool was originated during or before 2007. All the loans are floating-rate and 58.15% are self-certified. The portfolio has a weighted-average indexed current loan-to-value ratio of 74.16%. RMS 26 will be the 25th transaction to carry the RMS banner. In addition, KMC originated Kensington Mortgage Securities PLC's series 2007-1 and four transactions under the Money Partners Securities banner. Investec acted as seller in the Landmark Mortgage Securities No.1 PLC, Landmark Mortgage Securities No.2 PLC, and Gemgarto 2012-1 PLC transactions. "On the closing date, the issuer will issue the rated class A1, M1, M2, B1, and B2 notes. At the same time, the issuer will also issue unrated class R1, R2, and R3 notes. We understand that the issuer will use the class R1, R2, and R3 notes, among other things, to fund the reserve fund to 3.5% of the collateralized note balance at closing and will redeem them from residual interest income. We understand that the reserve fund is expected to increase to 5% of the collateralized note balance at closing and will be nonamortizing," S&P said. "KMC will act as mortgage administrator for all of the loans in the transaction. However, it will delegate its functions to Homeloan Management Ltd. (HML), which has been designated as back-up administrator. KMC will continue to act as special servicer for the collateral pool. KMC is a wholly owned subsidiary of Investec (not rated) and HML is a wholly owned subsidiary of Skipton Building Society. We rank HML as ABOVE AVERAGE as a primary mortgage servicer and we do not currently rank KMC's servicing function," 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 Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available at: http://standardandpoorsdisclosure-17g7.com/947.pdf RATINGS LIST Residential Mortgage Securities 26 PLC Up To GBP200 Million Mortgage-Backed Floating-Rate Notes and TBD Non-Mortgage-Backed Notes Class Prelim. Prelim. rating amount (mil. GBP) A1 AAA (sf) 150.0 M1 AA (sf) 24.0 M2 A (sf) 14.0 B1 BBB (sf) 8.0 B2 BB (sf) 4.0 R1 NR TBD R2 NR TBD R3 NR TBD NR-Not rated. TBD-To be determined. RESIDENTIAL MORTGAGE: Fitch Rates GBP4MM Class B2 Notes 'BBsf' -------------------------------------------------------------- Fitch Ratings has assigned Residential Mortgage Securities 26 plc's RMBS notes expected ratings, as follows: -- GBP150,000,000 Class A: 'AAAsf(EXP)', Outlook Stable -- GBP24,000,000 Class M1 : 'AAsf(EXP)', Outlook Stable -- GBP14,000,000 Class M2: 'Asf(EXP)', Outlook Stable -- GBP8,000,000 Class B1: 'BBBsf(EXP)', Outlook Stable -- GBP4,000,000 Class B2: 'BBsf(EXP)', Outlook Stable The final ratings are subject to the receipt of final documents conforming to information already received. The notes are backed by seasoned non-prime mortgages originated pre-2008 by Kensington Mortgages Company Limited (KMC: 61%), Money Partners Limited (7.5%) and GMAC-RFC (31.5%). The expected ratings are based on the quality of the underlying collateral, available credit enhancement (CE), the servicing capabilities of Homeloan Management Limited (HML), and the financial and legal structure. CE for the class A1 note totals 28.5% provided by the subordination of the class M1, M2, B1 and B2 notes (25.0%), a non-amortizing reserve fund (3.5%), fully funded at closing (rising to 5% after closing), and excess spread. The class A1 notes will receive interest and principal payments. The M1, M2, B1, and B2 notes do not pay interest and the expected ratings opine on the issuer's ability to repay principal by the transaction's legal final maturity. Fitch was provided with a loan-by-loan data template and all relevant fields were provided in the data tape with the exception of prior mortgage arrears and builder deposits. No adjustment was applied for the absence of data on prior mortgage arrears as data was provided for CCJs and prior bankruptcies/Individual Voluntary Arrangements. KMC was able to provide the year of construction for properties in the portfolio. Fitch assumed that any properties built within two years of the date of origination of the loan benefited from a builders deposit and applied a 5% downward adjustment to their valuations. Extensive performance data was provided on KMC loans originated pre-2005 (37.9%) which were previously held in the RMS16, 17 and 18 plc transactions which were called in June and August of 2011. Investec Capital Markets (the arranger) was unable to provide historic performance data for the GMAC originated loans, since the collateral was only purchased by Investec in 2011. As a consequence, Fitch utilized performance information from similar collateral originated by GMAC in other Fitch-rated securitization transactions. Loan-level data on sold repossessions of KMC-originated loans, consisting of 4,904 loans sold between 2008 and 2011, was provided by KMC. Sold repossession data provided for a previous transaction using GMAC-originated loans was used as a proxy for the GMAC-originated loans. To analyze CE levels, Fitch evaluated the collateral using its default model, details of which can be found in the reports entitled "EMEA Residential Mortgage Loss Criteria" dated June 7, 2012 and 'EMEA Criteria Addendum -- United Kingdom -- Mortgage Loss and Cash Flow Assumptions', dated August 9, 2012. Fitch modeled the transaction cash flows using default and loss severity assumptions indicated by the default model under various recession timings, prepayment speeds, and interest rates. The cash flow tests showed that the rated class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by legal final maturity. =============== X X X X X X X X =============== * S&P Cuts Ratings on 9 CDO Tranches to 'D', Withdraws Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its credit ratings on 25 European synthetic collateralized debt obligation (CDO) and cash tranches. For the full list of S&P's rating actions, see 'List Of European Synthetic CDO And Cash Tranche Rating Withdrawals At Sept. 6, 2012.' S&P has withdrawn its ratings on these tranches for different reasons, including: -- The issuer has fully repurchased and cancelled the notes, -- The notes have been redeemed earlier, -- The notes have matured on the scheduled maturity date, and -- The principal amount of the notes has been reduced due to losses. "We provide the rating withdrawal reason for each individual tranche in the separate ratings list," S&P said. "We have lowered to 'D (sf)' and subsequently withdrawn our ratings on nine tranches. The downgrades to 'D (sf)' follow confirmation that losses from credit events in the underlying portfolios exceeded the available credit enhancement levels. This means that the noteholders did not receive full principal on the early termination date for these tranches. The ratings lowered to 'D (sf)' will remain at 'D (sf)' for a period of 30 days before the withdrawals becomes effective," 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 Reports included in this credit rating report are available at: http://standardandpoorsdisclosure-17g7.com * EUROPE: Moody's Says Emission Trading Scheme Risks Manageable --------------------------------------------------------------- Changes introduced under the third phase of the European Emissions Trading System (EU ETS) are unlikely to significantly affect the EMEA building materials industry in the short to medium term, but revised rules concerning carbon dioxide (CO2) allowance allocations could lead to lower windfall profits starting in 2013, says Moody's Investors Service in a Special Comment published on Sept. 6. The third phase of the EU ETS is set to start in 2013. The new report is entitled "European Building Materials: Third Phase of Emissions Trading Scheme Brings Manageable Risks". The EU ETS, a cap-and-trade system, which allocates allowances for CO2-emitting plants, will allow exemptions for sectors 'exposed to carbon leakage', such as the building materials industry, at least until the end of 2014. While there will be a reduction in allocations under phase III, companies will continue to receive 100% of their allowances at no cost. Carbon leakage is the risk that domestic industries turn to imports or relocate production to countries outside the scope of the ETS. At the end of 2014, the European Commission is also set to review the list of sectors that face the risk of carbon leakage. "While in our view, the likelihood of the building materials industry losing its 'exposed to carbon leakage' status is low, such a change in EU regulation could lead to a substantial under- allocation that pushes up prices for CO2 allowances," says Stanislas Duquesnoy, a Moody's Senior Credit Officer - Vice President and lead analyst for European building materials companies. "The need to purchase additional allowances under such a scenario would therefore pressure the margins of all cement producers and is unlikely to be fully offset by higher cement prices." A sustained price increase to above EUR30-EUR35 per ton could force European producers to reduce domestic production and shift production to countries outside the EU ETS. Cement imports from regions not covered by the EU ETS would become more attractive if companies are unable to pass on the increases in CO2 prices to their customers. In such a scenario, producers with import terminals at shorelines (among the building materials companies that Moody's rates, these include Italcementi SpA (Ba1 negative) and Lafarge SA (Ba1 stable) at the Mediterranean Sea) or waterways in Europe, as well as producers with cement plants close to shorelines in regions not covered by the EU ETS, could have an advantage. However, given current low carbon prices and the expectations for phase III, such a scenario remains very unlikely at least until the end of 2014. If the European Commission were to decide to reduce free allocation levels, Moody's considers that Lafarge and Italcementi would be in a better position than some of their peers because they would continue to benefit from a good supply of free allowances (largely a reflection of their weak capacity utilisation in Southern Europe). Italcementi, in particular, accumulated a substantial number of allowances during phase II of the EU ETS, which it has not sold. Producers of light-side materials, such as gypsum, mortars and insulation products, and companies with strong distribution businesses, such as CRH plc. (Baa2 stable) and Compagnie de Saint-Gobain (Baa2 stable), would also not be materially affected because their diversified operations include products that are less CO2-intensive and lower the companies' overall CO2 emissions. In the future, Moody's does not expect further substantial gains in CO2 emissions efficiency among European building materials companies. Further reductions in CO2 emissions at European cement plants will be difficult and costly to achieve. Producers have already reduced the clinker content -- clinker is the most energy-intensive and therefore highest CO2-producing constituent of cement -- as much as technically possible and have optimized the energy mix of their plants to address rising energy costs. * BOND PRICING: For the Week September 3 to September 7, 2012 -------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- A-TEC INDUSTRIES 2.750 5/10/2014 EUR 24.88 A-TEC INDUSTRIES 8.750 10/27/2014 EUR 24.88 IMMOFINANZ 4.250 3/8/2018 EUR 4.02 RAIFF CENTROBANK 7.646 1/23/2013 EUR 50.38 RAIFF CENTROBANK 9.876 1/23/2013 EUR 49.48 RAIFF CENTROBANK 9.558 1/23/2013 EUR 67.95 RAIFF CENTROBANK 9.304 1/23/2013 EUR 70.46 RAIFF CENTROBANK 8.920 1/23/2013 EUR 74.39 RAIFF CENTROBANK 7.965 1/23/2013 EUR 53.49 RAIFF CENTROBANK 9.200 7/24/2013 EUR 74.71 RAIFF CENTROBANK 11.134 7/24/2013 EUR 71.52 BELGIUM ------- ECONOCOM GROUP 4.000 6/1/2016 EUR 22.12 TALVIVAARA 4.000 12/16/2015 EUR 71.46 FRANCE ------ AIR FRANCE-KLM 4.970 4/1/2015 EUR 11.67 ALCATEL-LUCENT 5.000 1/1/2015 EUR 2.56 ALTRAN TECHNOLOG 6.720 1/1/2015 EUR 5.36 ASSYSTEM 4.000 1/1/2017 EUR 23.02 ATOS ORIGIN SA 2.500 1/1/2016 EUR 56.48 CAP GEMINI SOGET 3.500 1/1/2014 EUR 38.44 CGG VERITAS 1.750 1/1/2016 EUR 32.21 CLUB MEDITERRANE 6.110 11/1/2015 EUR 18.55 EURAZEO 6.250 6/10/2014 EUR 55.11 FAURECIA 4.500 1/1/2015 EUR 20.96 INGENICO 2.750 1/1/2017 EUR 50.60 MAUREL ET PROM 7.125 7/31/2014 EUR 18.32 MAUREL ET PROM 7.125 7/31/2015 EUR 17.26 NEXANS SA 4.000 1/1/2016 EUR 57.67 NEXANS SA 2.500 1/1/2019 EUR 69.64 ORPEA 3.875 1/1/2016 EUR 47.26 PEUGEOT SA 4.450 1/1/2016 EUR 23.48 PIERRE VACANCES 4.000 10/1/2015 EUR 74.62 PUBLICIS GROUPE 1.000 1/18/2018 EUR 53.38 SOC AIR FRANCE 2.750 4/1/2020 EUR 20.96 SOITEC 6.250 9/9/2014 EUR 8.21 TEM 4.250 1/1/2015 EUR 54.01 GERMANY ------- BAYERISCHE LNDBK 3.200 10/1/2012 EUR 24.41 BNP EMIS-U.HANDE 8.500 12/28/2012 EUR 69.14 BNP EMIS-U.HANDE 10.500 12/28/2012 EUR 47.06 BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 73.03 BNP EMIS-U.HANDE 9.500 12/31/2012 EUR 66.69 BNP EMIS-U.HANDE 7.750 12/31/2012 EUR 57.44 COMMERZBANK AG 19.500 9/27/2012 EUR 69.13 COMMERZBANK AG 19.750 9/27/2012 EUR 72.54 COMMERZBANK AG 19.500 9/27/2012 EUR 74.95 COMMERZBANK AG 28.750 9/27/2012 EUR 66.22 COMMERZBANK AG 21.500 9/27/2012 EUR 73.13 COMMERZBANK AG 7.700 9/28/2012 EUR 43.34 COMMERZBANK AG 9.000 10/1/2012 EUR 52.94 COMMERZBANK AG 9.000 10/29/2012 EUR 6.93 COMMERZBANK AG 8.000 11/5/2012 EUR 56.32 COMMERZBANK AG 11.500 11/5/2012 EUR 66.46 COMMERZBANK AG 10.000 11/5/2012 EUR 53.85 COMMERZBANK AG 8.500 12/17/2012 EUR 73.02 COMMERZBANK AG 8.000 12/27/2012 EUR 45.25 COMMERZBANK AG 7.000 12/27/2012 EUR 70.37 COMMERZBANK AG 13.000 12/28/2012 EUR 62.60 COMMERZBANK AG 21.250 12/31/2012 EUR 72.47 COMMERZBANK AG 10.750 3/21/2013 EUR 72.30 COMMERZBANK AG 14.500 3/21/2013 EUR 68.70 COMMERZBANK AG 18.750 3/21/2013 EUR 74.96 COMMERZBANK AG 18.500 3/21/2013 EUR 65.40 COMMERZBANK AG 14.000 8/5/2013 EUR 73.46 COMMERZBANK AG 8.400 12/30/2013 EUR 15.65 DEUTSCHE BANK AG 12.000 8/31/2012 EUR 66.10 DEUTSCHE BANK AG 12.000 8/31/2012 EUR 73.30 DEUTSCHE BANK AG 9.000 8/31/2012 EUR 74.00 DEUTSCHE BANK AG 20.000 9/28/2012 EUR 74.20 DEUTSCHE BANK AG 10.000 12/20/2012 EUR 73.50 DEUTSCHE BANK AG 10.000 12/20/2012 EUR 63.10 DEUTSCHE BANK AG 10.000 12/20/2012 EUR 75.00 DEUTSCHE BANK AG 9.000 12/20/2012 EUR 62.80 DEUTSCHE BANK AG 8.000 12/20/2012 EUR 51.20 DEUTSCHE BANK AG 8.000 12/20/2012 EUR 69.00 DEUTSCHE BANK AG 8.000 12/20/2012 EUR 44.50 DEUTSCHE BANK AG 7.000 12/20/2012 EUR 68.70 DEUTSCHE BANK AG 9.000 12/20/2012 EUR 72.00 DEUTSCHE BANK AG 15.000 12/20/2012 EUR 53.40 DEUTSCHE BANK AG 12.000 12/20/2012 EUR 57.50 DEUTSCHE BANK AG 12.000 12/20/2012 EUR 72.90 DEUTSCHE BANK AG 12.000 12/20/2012 EUR 36.60 DEUTSCHE BANK AG 10.000 12/20/2012 EUR 73.10 DEUTSCHE BANK AG 7.000 12/20/2012 EUR 74.70 DEUTSCHE BANK AG 12.000 4/2/2013 EUR 74.20 DZ BANK AG 19.500 9/14/2012 EUR 58.67 DZ BANK AG 12.500 9/14/2012 EUR 69.80 DZ BANK AG 10.750 9/14/2012 EUR 72.92 DZ BANK AG 10.500 9/14/2012 EUR 39.77 DZ BANK AG 5.000 9/14/2012 EUR 59.49 DZ BANK AG 8.000 9/14/2012 EUR 47.17 DZ BANK AG 8.250 9/14/2012 EUR 64.13 DZ BANK AG 8.500 9/14/2012 EUR 44.54 DZ BANK AG 9.500 9/14/2012 EUR 66.93 DZ BANK AG 9.500 9/14/2012 EUR 72.94 DZ BANK AG 10.000 9/14/2012 EUR 65.62 DZ BANK AG 7.250 9/14/2012 EUR 74.54 DZ BANK AG 6.250 9/14/2012 EUR 51.82 DZ BANK AG 10.000 9/14/2012 EUR 66.74 DZ BANK AG 5.850 9/14/2012 EUR 55.28 DZ BANK AG 7.500 9/14/2012 EUR 64.27 DZ BANK AG 23.000 9/28/2012 EUR 66.47 DZ BANK AG 22.000 9/28/2012 EUR 69.27 DZ BANK AG 17.000 9/28/2012 EUR 73.34 DZ BANK AG 15.500 9/28/2012 EUR 71.40 DZ BANK AG 16.500 9/28/2012 EUR 72.89 DZ BANK AG 4.500 10/5/2012 EUR 67.59 DZ BANK AG 5.700 10/5/2012 EUR 64.65 DZ BANK AG 7.600 10/5/2012 EUR 73.61 DZ BANK AG 8.300 10/5/2012 EUR 59.52 DZ BANK AG 7.000 10/12/2012 EUR 46.10 DZ BANK AG 7.000 10/12/2012 EUR 67.70 DZ BANK AG 8.000 10/12/2012 EUR 70.27 DZ BANK AG 9.500 10/12/2012 EUR 56.39 DZ BANK AG 8.000 10/12/2012 EUR 40.91 DZ BANK AG 15.000 10/26/2012 EUR 74.34 DZ BANK AG 15.000 10/26/2012 EUR 74.95 DZ BANK AG 16.000 10/26/2012 EUR 73.48 DZ BANK AG 18.000 10/26/2012 EUR 72.89 DZ BANK AG 19.000 10/26/2012 EUR 69.60 DZ BANK AG 22.000 10/26/2012 EUR 66.50 DZ BANK AG 20.000 11/23/2012 EUR 66.60 DZ BANK AG 5.000 12/14/2012 EUR 64.31 DZ BANK AG 9.750 12/14/2012 EUR 63.88 DZ BANK AG 5.000 12/21/2012 EUR 68.07 DZ BANK AG 6.000 1/2/2013 EUR 70.01 DZ BANK AG 15.500 1/11/2013 EUR 59.09 DZ BANK AG 14.000 1/11/2013 EUR 53.61 DZ BANK AG 12.500 1/25/2013 EUR 55.77 DZ BANK AG 19.000 1/25/2013 EUR 68.57 DZ BANK AG 10.250 2/8/2013 EUR 74.25 DZ BANK AG 14.000 2/22/2013 EUR 72.71 DZ BANK AG 10.750 2/22/2013 EUR 72.00 DZ BANK AG 11.000 2/22/2013 EUR 74.88 DZ BANK AG 11.000 3/8/2013 EUR 74.57 DZ BANK AG 13.500 3/8/2013 EUR 74.67 DZ BANK AG 13.750 3/8/2013 EUR 58.84 DZ BANK AG 10.000 3/8/2013 EUR 70.18 DZ BANK AG 18.500 3/22/2013 EUR 74.07 DZ BANK AG 11.250 3/22/2013 EUR 70.63 DZ BANK AG 20.000 3/22/2013 EUR 70.79 DZ BANK AG 9.750 4/2/2013 EUR 74.63 DZ BANK AG 17.000 4/26/2013 EUR 24.60 DZ BANK AG 15.750 4/26/2013 EUR 58.28 DZ BANK AG 14.500 4/26/2013 EUR 74.08 GOLDMAN SACHS CO 15.000 9/26/2012 EUR 74.60 GOLDMAN SACHS CO 16.000 12/28/2012 EUR 74.80 GOLDMAN SACHS CO 15.000 12/28/2012 EUR 69.90 GOLDMAN SACHS CO 18.000 3/20/2013 EUR 73.50 GOLDMAN SACHS CO 18.000 6/26/2013 EUR 73.50 HSBC TRINKAUS 25.500 9/28/2012 EUR 63.19 HSBC TRINKAUS 25.500 9/28/2012 EUR 71.57 HSBC TRINKAUS 27.500 9/28/2012 EUR 65.73 HSBC TRINKAUS 29.000 9/28/2012 EUR 66.42 HSBC TRINKAUS 29.500 9/28/2012 EUR 57.38 HSBC TRINKAUS 8.000 9/28/2012 EUR 62.94 HSBC TRINKAUS 11.000 9/28/2012 EUR 60.03 HSBC TRINKAUS 13.000 9/28/2012 EUR 67.64 HSBC TRINKAUS 15.500 9/28/2012 EUR 61.98 HSBC TRINKAUS 18.000 9/28/2012 EUR 55.12 HSBC TRINKAUS 18.500 9/28/2012 EUR 74.90 HSBC TRINKAUS 19.000 9/28/2012 EUR 70.22 HSBC TRINKAUS 19.500 9/28/2012 EUR 70.13 HSBC TRINKAUS 20.000 9/28/2012 EUR 62.56 HSBC TRINKAUS 20.000 9/28/2012 EUR 57.43 HSBC TRINKAUS 24.000 9/28/2012 EUR 70.37 HSBC TRINKAUS 24.000 9/28/2012 EUR 64.06 HSBC TRINKAUS 25.000 9/28/2012 EUR 65.72 HSBC TRINKAUS 29.500 9/28/2012 EUR 72.08 HSBC TRINKAUS 17.500 10/26/2012 EUR 72.82 HSBC TRINKAUS 16.000 11/23/2012 EUR 73.82 HSBC TRINKAUS 18.000 3/22/2013 EUR 72.51 HSBC TRINKAUS 18.500 3/22/2013 EUR 61.07 HSBC TRINKAUS 19.000 3/22/2013 EUR 67.82 HSBC TRINKAUS 19.500 3/22/2013 EUR 66.22 HSBC TRINKAUS 20.000 3/22/2013 EUR 71.32 HSBC TRINKAUS 22.500 3/22/2013 EUR 72.99 HSBC TRINKAUS 17.500 3/22/2013 EUR 71.32 HSBC TRINKAUS 17.500 3/22/2013 EUR 67.72 HSBC TRINKAUS 15.500 3/22/2013 EUR 63.80 HSBC TRINKAUS 15.000 3/22/2013 EUR 74.24 HSBC TRINKAUS 14.000 3/22/2013 EUR 61.99 HSBC TRINKAUS 13.000 3/22/2013 EUR 65.16 HSBC TRINKAUS 10.500 3/22/2013 EUR 65.35 HSBC TRINKAUS 22.000 3/22/2013 EUR 59.19 HSBC TRINKAUS 22.000 3/22/2013 EUR 65.12 HSBC TRINKAUS 10.500 3/22/2013 EUR 68.93 HSBC TRINKAUS 8.500 3/22/2013 EUR 67.22 HSBC TRINKAUS 8.000 3/22/2013 EUR 69.04 HSBC TRINKAUS 7.500 3/22/2013 EUR 73.26 HSBC TRINKAUS 23.500 3/22/2013 EUR 66.11 HSBC TRINKAUS 24.000 3/22/2013 EUR 68.01 HSBC TRINKAUS 21.000 3/22/2013 EUR 61.34 HSBC TRINKAUS 24.000 3/22/2013 EUR 74.42 HSBC TRINKAUS 26.500 3/22/2013 EUR 63.41 HSBC TRINKAUS 27.000 3/22/2013 EUR 51.73 HSBC TRINKAUS 21.000 3/22/2013 EUR 69.66 HSBC TRINKAUS 17.500 3/22/2013 EUR 74.85 HSBC TRINKAUS 17.500 3/22/2013 EUR 73.36 HSBC TRINKAUS 27.500 3/22/2013 EUR 43.79 HSBC TRINKAUS 16.500 6/28/2013 EUR 72.23 HSBC TRINKAUS 30.000 6/28/2013 EUR 47.92 HSBC TRINKAUS 26.000 6/28/2013 EUR 48.12 HSBC TRINKAUS 25.500 6/28/2013 EUR 55.26 HSBC TRINKAUS 23.500 6/28/2013 EUR 66.74 HSBC TRINKAUS 22.500 6/28/2013 EUR 56.28 HSBC TRINKAUS 21.500 6/28/2013 EUR 69.11 HSBC TRINKAUS 21.000 6/28/2013 EUR 74.21 HSBC TRINKAUS 19.500 6/28/2013 EUR 71.92 HSBC TRINKAUS 19.500 6/28/2013 EUR 65.45 HSBC TRINKAUS 19.000 6/28/2013 EUR 61.51 HSBC TRINKAUS 18.500 6/28/2013 EUR 69.81 HSBC TRINKAUS 18.500 6/28/2013 EUR 73.09 HSBC TRINKAUS 17.500 6/28/2013 EUR 74.31 HSBC TRINKAUS 17.500 6/28/2013 EUR 69.79 HSBC TRINKAUS 16.500 6/28/2013 EUR 67.81 HSBC TRINKAUS 16.500 6/28/2013 EUR 63.04 HSBC TRINKAUS 16.000 6/28/2013 EUR 74.06 HSBC TRINKAUS 14.000 6/28/2013 EUR 65.10 HSBC TRINKAUS 12.500 6/28/2013 EUR 64.64 HSBC TRINKAUS 11.000 6/28/2013 EUR 74.91 HSBC TRINKAUS 10.500 6/28/2013 EUR 69.50 HSBC TRINKAUS 10.000 6/28/2013 EUR 67.63 HSBC TRINKAUS 8.500 6/28/2013 EUR 69.19 HSBC TRINKAUS 8.000 6/28/2013 EUR 73.09 HSBC TRINKAUS 6.000 6/28/2013 EUR 73.19 LB BADEN-WUERTT 4.000 9/28/2012 EUR 40.37 LB BADEN-WUERTT 10.000 9/28/2012 EUR 70.89 LB BADEN-WUERTT 10.000 9/28/2012 EUR 66.27 LB BADEN-WUERTT 8.000 9/28/2012 EUR 52.88 LB BADEN-WUERTT 8.000 9/28/2012 EUR 15.69 LB BADEN-WUERTT 8.000 9/28/2012 EUR 43.83 LB BADEN-WUERTT 8.000 9/28/2012 EUR 48.21 LB BADEN-WUERTT 8.000 9/28/2012 EUR 61.23 LB BADEN-WUERTT 8.000 9/28/2012 EUR 31.15 LB BADEN-WUERTT 8.000 9/28/2012 EUR 62.44 LB BADEN-WUERTT 7.500 9/28/2012 EUR 66.30 LB BADEN-WUERTT 7.000 9/28/2012 EUR 70.35 LB BADEN-WUERTT 6.000 9/28/2012 EUR 34.37 LB BADEN-WUERTT 6.000 9/28/2012 EUR 58.65 LB BADEN-WUERTT 6.000 9/28/2012 EUR 18.13 LB BADEN-WUERTT 6.000 9/28/2012 EUR 69.52 LB BADEN-WUERTT 6.000 9/28/2012 EUR 71.30 LB BADEN-WUERTT 6.000 9/28/2012 EUR 50.02 LB BADEN-WUERTT 6.000 9/28/2012 EUR 53.80 LB BADEN-WUERTT 5.000 9/28/2012 EUR 65.94 LB BADEN-WUERTT 4.000 9/28/2012 EUR 68.25 LB BADEN-WUERTT 4.000 9/28/2012 EUR 22.11 LB BADEN-WUERTT 4.000 9/28/2012 EUR 59.87 LB BADEN-WUERTT 4.000 9/28/2012 EUR 62.61 LB BADEN-WUERTT 10.000 10/26/2012 EUR 40.56 LB BADEN-WUERTT 10.000 10/26/2012 EUR 69.36 LB BADEN-WUERTT 10.000 10/26/2012 EUR 45.52 LB BADEN-WUERTT 10.000 10/26/2012 EUR 51.67 LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.65 LB BADEN-WUERTT 10.000 10/26/2012 EUR 5.08 LB BADEN-WUERTT 10.000 10/26/2012 EUR 52.69 LB BADEN-WUERTT 10.000 10/26/2012 EUR 12.95 LB BADEN-WUERTT 10.000 10/26/2012 EUR 71.72 LB BADEN-WUERTT 7.500 10/26/2012 EUR 45.83 LB BADEN-WUERTT 7.500 10/26/2012 EUR 56.39 LB BADEN-WUERTT 7.500 10/26/2012 EUR 49.94 LB BADEN-WUERTT 7.500 10/26/2012 EUR 57.86 LB BADEN-WUERTT 7.500 10/26/2012 EUR 13.73 LB BADEN-WUERTT 7.500 10/26/2012 EUR 5.49 LB BADEN-WUERTT 5.000 10/26/2012 EUR 58.00 LB BADEN-WUERTT 5.000 10/26/2012 EUR 65.63 LB BADEN-WUERTT 5.000 10/26/2012 EUR 64.14 LB BADEN-WUERTT 5.000 10/26/2012 EUR 54.77 LB BADEN-WUERTT 5.000 10/26/2012 EUR 15.49 LB BADEN-WUERTT 5.000 10/26/2012 EUR 5.83 LB BADEN-WUERTT 10.000 11/23/2012 EUR 59.75 LB BADEN-WUERTT 10.000 11/23/2012 EUR 67.88 LB BADEN-WUERTT 10.000 11/23/2012 EUR 37.08 LB BADEN-WUERTT 10.000 11/23/2012 EUR 74.77 LB BADEN-WUERTT 10.000 11/23/2012 EUR 62.60 LB BADEN-WUERTT 10.000 11/23/2012 EUR 13.72 LB BADEN-WUERTT 10.000 11/23/2012 EUR 62.30 LB BADEN-WUERTT 10.000 11/23/2012 EUR 43.04 LB BADEN-WUERTT 10.000 11/23/2012 EUR 61.13 LB BADEN-WUERTT 10.000 11/23/2012 EUR 70.15 LB BADEN-WUERTT 10.000 11/23/2012 EUR 52.32 LB BADEN-WUERTT 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10/3/2013 GBP 70.37 EFG FINANCIAL PR 8.160 4/25/2014 EUR 71.60 EFG FINANCIAL PR 5.850 10/14/2014 CHF 50.37 SARASIN CI LTD 6.000 6/9/2014 EUR 70.74 ZURCHER KANT FIN 9.250 11/9/2012 CHF 54.09 ZURCHER KANT FIN 17.000 2/22/2013 EUR 59.10 ZURCHER KANT FIN 7.340 4/16/2013 CHF 59.68 ICELAND ------- KAUPTHING 0.800 2/15/2011 EUR 26.50 LUXEMBOURG ---------- ARCELORMITTAL 7.250 4/1/2014 EUR 22.18 ESPIRITO SANTO F 9.750 12/19/2025 EUR 67.20 NETHERLANDS ----------- BLT FINANCE BV 12.000 2/10/2015 USD 24.88 KPNQWEST NV 10.000 3/15/2012 EUR 0.13 LEHMAN BROS TSY 14.900 9/15/2008 EUR 17.88 LEHMAN BROS TSY 23.300 9/16/2008 USD 17.88 LEHMAN BROS TSY 7.375 9/20/2008 EUR 17.88 LEHMAN BROS TSY 18.250 10/2/2008 USD 17.88 LEHMAN BROS TSY 7.250 10/6/2008 EUR 17.88 LEHMAN BROS TSY 16.000 10/8/2008 CHF 17.88 LEHMAN BROS TSY 10.000 10/22/2008 USD 17.88 LEHMAN BROS TSY 8.000 10/23/2008 USD 17.88 LEHMAN BROS TSY 5.000 10/24/2008 CHF 17.88 LEHMAN BROS TSY 6.000 10/24/2008 EUR 17.88 LEHMAN BROS TSY 7.500 10/24/2008 USD 17.88 LEHMAN BROS TSY 16.000 10/28/2008 USD 17.88 LEHMAN BROS TSY 13.150 10/30/2008 USD 17.88 LEHMAN BROS TSY 16.000 11/9/2008 USD 17.88 LEHMAN BROS TSY 14.100 11/12/2008 USD 17.88 LEHMAN BROS TSY 10.442 11/22/2008 CHF 17.88 LEHMAN BROS TSY 7.000 11/28/2008 CHF 17.88 LEHMAN BROS TSY 16.000 12/26/2008 USD 17.88 LEHMAN BROS TSY 13.432 1/8/2009 ILS 17.88 LEHMAN BROS TSY 7.750 1/30/2009 EUR 17.88 LEHMAN BROS TSY 11.000 2/16/2009 CHF 17.88 LEHMAN BROS TSY 13.000 2/16/2009 CHF 17.88 LEHMAN BROS TSY 10.000 2/16/2009 CHF 17.88 LEHMAN BROS TSY 0.500 2/16/2009 EUR 17.88 LEHMAN BROS TSY 9.000 3/17/2009 GBP 17.88 LEHMAN BROS TSY 7.000 4/14/2009 EUR 17.88 LEHMAN BROS TSY 3.850 4/24/2009 USD 17.88 LEHMAN BROS TSY 4.000 4/24/2009 USD 17.88 LEHMAN BROS TSY 16.200 5/14/2009 USD 17.88 LEHMAN BROS TSY 8.000 5/22/2009 USD 17.88 LEHMAN BROS TSY 10.000 5/22/2009 USD 17.88 LEHMAN BROS TSY 8.000 5/22/2009 USD 17.88 LEHMAN BROS TSY 13.500 6/2/2009 USD 17.88 LEHMAN BROS TSY 17.000 6/2/2009 USD 17.88 LEHMAN BROS TSY 15.000 6/4/2009 CHF 17.88 LEHMAN BROS TSY 9.000 6/13/2009 USD 17.88 LEHMAN BROS TSY 5.500 6/15/2009 CHF 17.88 LEHMAN BROS TSY 5.750 6/15/2009 CHF 17.88 LEHMAN BROS TSY 10.000 6/17/2009 USD 17.88 LEHMAN BROS TSY 11.000 6/29/2009 EUR 17.88 LEHMAN BROS TSY 8.500 7/6/2009 CHF 17.88 LEHMAN BROS TSY 4.500 8/2/2009 USD 17.88 LEHMAN BROS TSY 8.000 8/3/2009 USD 17.88 LEHMAN BROS TSY 16.800 8/21/2009 USD 17.88 LEHMAN BROS TSY 7.500 9/13/2009 CHF 17.88 LEHMAN BROS TSY 8.800 12/27/2009 EUR 17.88 LEHMAN BROS TSY 1.750 2/7/2010 EUR 17.88 LEHMAN BROS TSY 7.000 2/15/2010 CHF 17.88 LEHMAN BROS TSY 11.750 3/1/2010 EUR 17.88 LEHMAN BROS TSY 4.000 5/30/2010 USD 17.88 LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.88 LEHMAN BROS TSY 6.000 7/28/2010 EUR 17.88 LEHMAN BROS TSY 10.500 8/9/2010 EUR 17.88 LEHMAN BROS TSY 4.000 10/12/2010 USD 17.88 LEHMAN BROS TSY 14.900 11/16/2010 EUR 17.88 LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.88 LEHMAN BROS TSY 9.300 12/21/2010 EUR 17.88 LEHMAN BROS TSY 8.000 12/31/2010 USD 17.88 LEHMAN BROS TSY 4.000 1/4/2011 USD 17.88 LEHMAN BROS TSY 11.000 7/4/2011 CHF 17.88 LEHMAN BROS TSY 11.000 7/4/2011 USD 17.88 LEHMAN BROS TSY 12.000 7/4/2011 EUR 17.88 LEHMAN BROS TSY 2.500 12/15/2011 GBP 17.88 LEHMAN BROS TSY 6.000 2/14/2012 EUR 17.88 LEHMAN BROS TSY 7.000 2/15/2012 EUR 17.88 LEHMAN BROS TSY 6.600 2/22/2012 EUR 17.88 LEHMAN BROS TSY 13.000 7/25/2012 EUR 17.88 LEHMAN BROS TSY 2.500 8/23/2012 GBP 17.88 LEHMAN BROS TSY 6.000 10/30/2012 USD 6.38 LEHMAN BROS TSY 3.000 9/12/2036 JPY 6.38 Q-CELLS INTERNAT 1.375 4/30/2012 EUR 20.53 Q-CELLS INTERNAT 5.750 5/26/2014 EUR 20.42 RENEWABLE CORP 6.500 6/4/2014 EUR 74.17 SACYR VALLEHERM 6.500 5/1/2016 EUR 49.18 SWEDEN ------ Rorvik Timber 6.000 6/30/2016 SEK 68.50 SAS AB 7.500 4/1/2015 SEK 72.19 SWITZERLAND ----------- BANK JULIUS BAER 9.000 9/17/2012 CHF 40.00 BANK JULIUS BAER 17.300 2/1/2013 EUR 60.20 BANK JULIUS BAER 12.000 4/9/2013 CHF 46.45 BANK JULIUS BAER 15.000 5/31/2013 USD 68.15 BANK JULIUS BAER 13.000 5/31/2013 USD 68.85 BANK JULIUS BAER 8.700 8/5/2013 CHF 74.00 CLARIDEN LEU NAS 9.250 9/4/2012 CHF 42.05 CLARIDEN LEU NAS 10.500 9/4/2012 USD 68.02 CLARIDEN LEU NAS 7.500 9/10/2012 CHF 58.47 CLARIDEN LEU NAS 10.000 9/11/2012 CHF 45.25 CLARIDEN LEU NAS 10.250 9/17/2012 CHF 46.21 CLARIDEN LEU NAS 9.000 9/24/2012 CHF 58.21 CLARIDEN LEU NAS 9.500 9/24/2012 CHF 54.45 CLARIDEN LEU NAS 7.000 10/4/2012 CHF 47.47 CLARIDEN LEU NAS 10.000 10/8/2012 EUR 66.40 CLARIDEN LEU NAS 8.000 10/15/2012 CHF 62.18 CLARIDEN LEU NAS 8.500 10/15/2012 CHF 45.86 CLARIDEN LEU NAS 9.500 10/15/2012 CHF 47.01 CLARIDEN LEU NAS 10.000 10/15/2012 CHF 46.20 CLARIDEN LEU NAS 7.500 11/13/2012 CHF 50.58 CLARIDEN LEU NAS 7.250 11/13/2012 CHF 73.10 CLARIDEN LEU NAS 7.250 11/16/2012 CHF 51.33 CLARIDEN LEU NAS 7.125 11/19/2012 CHF 50.64 CLARIDEN LEU NAS 8.000 11/20/2012 CHF 72.69 CLARIDEN LEU NAS 10.500 11/26/2012 EUR 73.82 CLARIDEN LEU NAS 0.000 12/14/2012 CHF 44.80 CLARIDEN LEU NAS 12.500 12/14/2012 EUR 74.88 CLARIDEN LEU NAS 8.250 12/17/2012 CHF 63.12 CLARIDEN LEU NAS 0.000 12/17/2012 EUR 68.73 CLARIDEN LEU NAS 8.750 1/15/2013 CHF 63.19 CLARIDEN LEU NAS 0.000 1/24/2013 CHF 63.17 CLARIDEN LEU NAS 11.500 2/13/2013 EUR 61.41 CLARIDEN LEU NAS 9.000 2/14/2013 CHF 61.68 CLARIDEN LEU NAS 13.500 2/15/2013 EUR 74.82 CLARIDEN LEU NAS 0.000 3/25/2013 CHF 51.80 CLARIDEN LEU NAS 6.500 4/26/2013 CHF 50.95 CLARIDEN LEU NAS 0.000 5/31/2013 CHF 63.21 CLARIDEN LEU NAS 10.000 6/10/2013 CHF 51.51 CLARIDEN LEU NAS 13.000 7/15/2013 CHF 64.42 CLARIDEN LEU NAS 7.000 7/22/2013 CHF 62.85 CLARIDEN LEU NAS 3.250 9/16/2013 CHF 42.38 CLARIDEN LEU NAS 0.000 9/23/2013 CHF 43.94 CLARIDEN LEU NAS 0.000 11/26/2013 CHF 55.92 CLARIDEN LEU NAS 0.000 2/11/2014 CHF 47.52 CLARIDEN LEU NAS 0.000 2/24/2014 CHF 48.19 CLARIDEN LEU NAS 0.000 5/13/2014 CHF 63.03 CLARIDEN LEU NAS 0.000 5/26/2014 CHF 64.55 CLARIDEN LEU NAS 0.000 6/10/2014 CHF 53.79 CLARIDEN LEU NAS 0.000 6/10/2014 CHF 61.47 CLARIDEN LEU NAS 4.500 8/6/2014 EUR 74.48 CLARIDEN LEU NAS 5.250 8/6/2014 CHF 44.94 CLARIDEN LEU NAS 4.500 8/13/2014 CHF 42.04 CLARIDEN LEU NAS 0.000 8/27/2014 CHF 48.29 CLARIDEN LEU NAS 0.000 9/10/2014 CHF 44.33 CLARIDEN LEU NAS 0.000 10/15/2014 CHF 49.92 CREDIT SUIS NAS 13.000 4/24/2013 CHF 73.18 CREDIT SUISSE LD 8.900 3/25/2013 EUR 59.31 S-AIR GROUP 0.125 7/7/2005 CHF 10.63 SARASIN CI LTD 8.000 9/3/2012 CHF 50.81 SARASIN CI LTD 8.000 4/27/2015 CHF 62.46 SARASIN/GUERNSEY 17.000 10/12/2012 EUR 70.03 UBS AG 9.430 8/31/2012 USD 33.40 UBS AG 11.650 8/31/2012 USD 15.81 UBS AG 10.500 9/3/2012 EUR 74.24 UBS AG 13.630 9/3/2012 EUR 72.20 UBS AG 13.980 9/3/2012 EUR 66.07 UBS AG 17.640 9/3/2012 EUR 64.28 UBS AG 15.150 9/3/2012 EUR 72.10 UBS AG 18.020 9/3/2012 EUR 67.13 UBS AG 17.730 9/3/2012 EUR 59.56 UBS AG 20.830 9/3/2012 EUR 60.82 UBS AG 15.270 9/3/2012 EUR 74.94 UBS AG 22.700 9/21/2012 EUR 53.60 UBS AG 13.000 9/21/2012 EUR 60.05 UBS AG 8.530 9/28/2012 EUR 72.40 UBS AG 8.810 9/28/2012 EUR 66.07 UBS AG 9.750 9/28/2012 EUR 69.35 UBS AG 9.830 9/28/2012 EUR 63.29 UBS AG 10.900 9/28/2012 EUR 60.74 UBS AG 11.040 9/28/2012 EUR 66.57 UBS AG 11.360 9/28/2012 EUR 73.15 UBS AG 12.020 9/28/2012 EUR 58.41 UBS AG 12.130 9/28/2012 EUR 74.60 UBS AG 12.290 9/28/2012 EUR 71.05 UBS AG 12.390 9/28/2012 EUR 64.02 UBS AG 12.860 9/28/2012 EUR 72.55 UBS AG 13.180 9/28/2012 EUR 56.26 UBS AG 13.230 9/28/2012 EUR 69.06 UBS AG 13.500 9/28/2012 EUR 73.29 UBS AG 13.590 9/28/2012 EUR 70.61 UBS AG 13.800 9/28/2012 EUR 61.68 UBS AG 14.180 9/28/2012 EUR 67.17 UBS AG 14.320 9/28/2012 EUR 68.78 UBS AG 14.390 9/28/2012 EUR 54.29 UBS AG 14.740 9/28/2012 EUR 71.24 UBS AG 15.050 9/28/2012 EUR 67.04 UBS AG 15.130 9/28/2012 EUR 65.37 UBS AG 15.240 9/28/2012 EUR 59.51 UBS AG 15.370 9/28/2012 EUR 72.70 UBS AG 15.640 9/28/2012 EUR 52.46 UBS AG 15.770 9/28/2012 EUR 65.39 UBS AG 16.000 9/28/2012 EUR 69.31 UBS AG 16.090 9/28/2012 EUR 63.68 UBS AG 16.490 9/28/2012 EUR 63.83 UBS AG 16.620 9/28/2012 EUR 73.66 UBS AG 16.720 9/28/2012 EUR 57.52 UBS AG 16.930 9/28/2012 EUR 50.76 UBS AG 17.050 9/28/2012 EUR 62.06 UBS AG 17.090 9/28/2012 EUR 70.25 UBS AG 17.280 9/28/2012 EUR 67.49 UBS AG 17.500 9/28/2012 EUR 74.43 UBS AG 17.920 9/28/2012 EUR 60.93 UBS AG 18.020 9/28/2012 EUR 60.54 UBS AG 18.220 9/28/2012 EUR 55.66 UBS AG 18.240 9/28/2012 EUR 49.19 UBS AG 18.250 9/28/2012 EUR 71.17 UBS AG 18.580 9/28/2012 EUR 65.78 UBS AG 19.000 9/28/2012 EUR 59.09 UBS AG 19.330 9/28/2012 EUR 58.30 UBS AG 19.490 9/28/2012 EUR 73.28 UBS AG 19.580 9/28/2012 EUR 47.72 UBS AG 24.960 9/28/2012 EUR 49.87 UBS AG 24.000 9/28/2012 EUR 71.02 UBS AG 23.560 9/28/2012 EUR 51.72 UBS AG 23.000 9/28/2012 EUR 70.95 UBS AG 22.150 9/28/2012 EUR 53.72 UBS AG 21.970 9/28/2012 EUR 55.16 UBS AG 20.920 9/28/2012 EUR 46.36 UBS AG 20.740 9/28/2012 EUR 55.91 UBS AG 19.910 9/28/2012 EUR 68.86 UBS AG 19.880 9/28/2012 EUR 64.16 UBS AG 19.990 9/28/2012 EUR 57.71 UBS AG 7.660 10/1/2012 EUR 29.35 UBS AG 7.680 10/1/2012 EUR 60.76 UBS AG 7.810 10/1/2012 EUR 67.98 UBS AG 7.840 10/1/2012 EUR 24.86 UBS AG 7.900 10/1/2012 EUR 60.78 UBS AG 7.940 10/1/2012 EUR 66.16 UBS AG 8.050 10/1/2012 EUR 24.87 UBS AG 8.090 10/1/2012 EUR 48.40 UBS AG 8.090 10/1/2012 EUR 60.79 UBS AG 8.200 10/1/2012 EUR 68.01 UBS AG 8.240 10/1/2012 EUR 66.18 UBS AG 8.260 10/1/2012 EUR 60.80 UBS AG 8.310 10/1/2012 EUR 29.39 UBS AG 8.400 10/1/2012 EUR 60.81 UBS AG 8.420 10/1/2012 EUR 24.90 UBS AG 8.500 10/1/2012 EUR 66.20 UBS AG 8.530 10/1/2012 EUR 60.82 UBS AG 8.540 10/1/2012 EUR 68.03 UBS AG 8.660 10/1/2012 EUR 48.43 UBS AG 8.720 10/1/2012 EUR 60.83 UBS AG 8.720 10/1/2012 EUR 66.21 UBS AG 8.730 10/1/2012 EUR 24.91 UBS AG 8.850 10/1/2012 EUR 68.04 UBS AG 8.910 10/1/2012 EUR 29.43 UBS AG 8.910 10/1/2012 EUR 66.22 UBS AG 9.060 10/1/2012 EUR 66.23 UBS AG 9.110 10/1/2012 EUR 68.06 UBS AG 9.160 10/1/2012 EUR 48.46 UBS AG 9.200 10/1/2012 EUR 24.94 UBS AG 9.340 10/1/2012 EUR 68.07 UBS AG 9.360 10/1/2012 EUR 24.95 UBS AG 9.440 10/1/2012 EUR 29.46 UBS AG 9.530 10/1/2012 EUR 68.09 UBS AG 9.540 10/1/2012 EUR 74.26 UBS AG 9.580 10/1/2012 EUR 48.49 UBS AG 9.690 10/1/2012 EUR 68.09 UBS AG 9.820 10/1/2012 EUR 68.10 UBS AG 9.860 10/1/2012 EUR 74.28 UBS AG 9.900 10/1/2012 EUR 24.99 UBS AG 9.910 10/1/2012 EUR 29.49 UBS AG 9.920 10/1/2012 EUR 68.11 UBS AG 9.930 10/1/2012 EUR 48.51 UBS AG 10.150 10/1/2012 EUR 74.30 UBS AG 10.220 10/1/2012 EUR 48.53 UBS AG 10.310 10/1/2012 EUR 29.51 UBS AG 10.410 10/1/2012 EUR 74.31 UBS AG 10.440 10/1/2012 EUR 48.54 UBS AG 10.620 10/1/2012 EUR 48.55 UBS AG 10.640 10/1/2012 EUR 74.33 UBS AG 10.650 10/1/2012 EUR 29.53 UBS AG 10.740 10/1/2012 EUR 48.56 UBS AG 10.840 10/1/2012 EUR 74.34 UBS AG 10.930 10/1/2012 EUR 29.55 UBS AG 11.010 10/1/2012 EUR 74.35 UBS AG 11.150 10/1/2012 EUR 29.56 UBS AG 11.160 10/1/2012 EUR 74.36 UBS AG 11.280 10/1/2012 EUR 74.36 UBS AG 11.330 10/1/2012 EUR 29.57 UBS AG 11.380 10/1/2012 EUR 74.37 UBS AG 11.460 10/1/2012 EUR 29.58 UBS AG 11.460 10/1/2012 EUR 74.38 UBS AG 11.530 10/1/2012 EUR 74.38 UBS AG 11.560 10/1/2012 EUR 29.59 UBS AG 11.580 10/1/2012 EUR 74.38 UBS AG 7.460 10/1/2012 EUR 48.36 UBS AG 7.450 10/1/2012 EUR 60.75 UBS AG 7.380 10/1/2012 EUR 67.96 UBS AG 7.380 10/1/2012 EUR 24.83 UBS AG 7.240 10/1/2012 EUR 66.12 UBS AG 7.190 10/1/2012 EUR 60.73 UBS AG 7.140 10/1/2012 EUR 24.82 UBS AG 7.610 10/1/2012 EUR 66.14 UBS AG 7.620 10/1/2012 EUR 24.85 UBS AG 9.310 10/3/2012 USD 16.50 UBS AG 10.320 10/4/2012 CHF 58.85 UBS AG 9.920 10/4/2012 CHF 58.90 UBS AG 12.240 10/26/2012 EUR 70.79 UBS AG 13.570 10/26/2012 EUR 69.16 UBS AG 16.390 10/26/2012 EUR 66.13 UBS AG 22.220 10/26/2012 EUR 72.97 UBS AG 11.660 11/12/2012 EUR 36.54 UBS AG 13.120 11/12/2012 EUR 71.11 UBS AG 13.560 11/12/2012 EUR 40.12 UBS AG 13.600 11/12/2012 EUR 50.10 UBS AG 6.070 11/12/2012 EUR 59.74 UBS AG 8.370 11/12/2012 EUR 54.30 UBS AG 8.590 11/12/2012 EUR 55.24 UBS AG 9.020 11/12/2012 EUR 46.77 UBS AG 9.840 11/12/2012 EUR 72.14 UBS AG 10.930 11/12/2012 EUR 55.72 UBS AG 11.260 11/12/2012 EUR 49.28 UBS AG 9.650 11/12/2012 EUR 39.50 UBS AG 13.000 11/23/2012 USD 58.25 UBS AG 9.440 12/5/2012 USD 13.20 UBS AG 23.020 12/17/2012 USD 8.87 UBS AG 12.970 12/21/2012 EUR 74.09 UBS AG 19.090 12/21/2012 EUR 58.75 UBS AG 18.000 12/21/2012 EUR 50.37 UBS AG 17.500 12/21/2012 EUR 60.72 UBS AG 17.200 12/21/2012 EUR 72.69 UBS AG 17.070 12/21/2012 EUR 67.95 UBS AG 16.930 12/21/2012 EUR 51.51 UBS AG 16.710 12/21/2012 EUR 61.78 UBS AG 16.600 12/21/2012 EUR 56.94 UBS AG 16.030 12/21/2012 EUR 69.33 UBS AG 15.930 12/21/2012 EUR 59.23 UBS AG 15.920 12/21/2012 EUR 62.89 UBS AG 15.900 12/21/2012 EUR 74.71 UBS AG 15.860 12/21/2012 EUR 52.74 UBS AG 15.130 12/21/2012 EUR 64.05 UBS AG 15.000 12/21/2012 EUR 70.82 UBS AG 14.810 12/21/2012 EUR 54.09 UBS AG 14.740 12/21/2012 EUR 60.82 UBS AG 14.690 12/21/2012 EUR 73.53 UBS AG 14.350 12/21/2012 EUR 65.26 UBS AG 13.980 12/21/2012 EUR 72.40 UBS AG 13.770 12/21/2012 EUR 55.55 UBS AG 13.570 12/21/2012 EUR 66.51 UBS AG 13.560 12/21/2012 EUR 62.56 UBS AG 12.800 12/21/2012 EUR 67.83 UBS AG 12.760 12/21/2012 EUR 57.16 UBS AG 12.400 12/21/2012 EUR 64.46 UBS AG 12.200 12/21/2012 EUR 61.86 UBS AG 12.020 12/21/2012 EUR 69.18 UBS AG 11.770 12/21/2012 EUR 58.91 UBS AG 11.270 12/21/2012 EUR 66.53 UBS AG 11.260 12/21/2012 EUR 70.59 UBS AG 10.810 12/21/2012 EUR 60.83 UBS AG 10.490 12/21/2012 EUR 72.04 UBS AG 10.160 12/21/2012 EUR 68.81 UBS AG 9.890 12/21/2012 EUR 62.94 UBS AG 9.730 12/21/2012 EUR 73.52 UBS AG 9.100 12/21/2012 EUR 71.29 UBS AG 9.000 12/21/2012 EUR 65.25 UBS AG 8.150 12/21/2012 EUR 67.78 UBS AG 8.080 12/21/2012 EUR 73.99 UBS AG 10.380 1/2/2013 USD 31.76 UBS AG 10.740 1/3/2013 USD 32.24 UBS AG 23.750 1/4/2013 EUR 73.43 UBS AG 24.750 1/4/2013 EUR 74.29 UBS AG 18.300 1/4/2013 EUR 60.53 UBS AG 19.440 1/4/2013 EUR 58.67 UBS AG 20.570 1/4/2013 EUR 56.99 UBS AG 21.700 1/4/2013 EUR 55.46 UBS AG 13.630 1/4/2013 EUR 70.07 UBS AG 11.810 1/4/2013 EUR 74.71 UBS AG 13.030 1/4/2013 EUR 71.54 UBS AG 12.420 1/4/2013 EUR 73.09 UBS AG 14.230 1/4/2013 EUR 68.66 UBS AG 14.820 1/4/2013 EUR 67.32 UBS AG 15.990 1/4/2013 EUR 64.83 UBS AG 17.150 1/4/2013 EUR 62.57 UBS AG 10.390 1/18/2013 USD 36.31 UBS AG 12.010 1/25/2013 EUR 69.63 UBS AG 14.070 1/25/2013 EUR 67.47 UBS AG 11.020 1/25/2013 EUR 70.78 UBS AG 10.590 2/22/2013 EUR 66.38 UBS AG 15.800 2/22/2013 EUR 66.72 UBS AG 13.940 2/22/2013 EUR 71.69 UBS AG 13.660 2/22/2013 EUR 66.15 UBS AG 12.680 2/22/2013 EUR 73.30 UBS AG 10.960 2/22/2013 EUR 70.55 UBS AG 13.070 2/22/2013 EUR 61.55 UBS AG 8.980 2/22/2013 EUR 74.23 UBS AG 8.230 2/22/2013 EUR 72.43 UBS AG 10.000 3/7/2013 USD 68.30 UBS AG 8.100 3/7/2013 CHF 74.30 UBS AG 9.850 3/22/2013 USD 19.75 UBS AG 22.250 4/2/2013 EUR 73.43 UBS AG 24.750 4/2/2013 EUR 69.88 UBS AG 24.250 4/2/2013 EUR 71.52 UBS AG 21.500 4/2/2013 EUR 74.45 UBS AG 9.930 4/11/2013 USD 24.36 UBS AG 10.970 4/26/2013 EUR 69.26 UBS AG 10.170 4/26/2013 EUR 70.09 UBS AG 12.610 4/26/2013 EUR 67.72 UBS AG 11.000 4/30/2013 USD 39.25 UBS AG 8.000 5/24/2013 USD 58.95 UBS AG 7.120 6/26/2013 USD 29.80 UBS AG 10.070 6/27/2013 USD 62.58 UBS AG 21.000 6/28/2013 EUR 74.57 UBS AG 22.000 6/28/2013 EUR 73.04 UBS AG 22.500 6/28/2013 EUR 73.06 UBS AG 24.500 6/28/2013 EUR 69.94 UBS AG 23.000 6/28/2013 EUR 73.48 UBS AG 8.690 7/2/2013 USD 30.24 UBS AG 8.720 8/2/2013 USD 35.34 UBS AG 12.900 9/20/2013 EUR 61.22 UBS AG 10.200 9/20/2013 EUR 63.04 UBS AG 12.050 9/20/2013 USD 13.56 UBS AG 15.900 9/20/2013 EUR 60.34 UBS AG 22.750 9/27/2013 EUR 74.15 UBS AG 22.000 9/27/2013 EUR 73.09 UBS AG 23.250 9/27/2013 EUR 74.70 UBS AG 24.750 9/27/2013 EUR 71.58 UBS AG 11.020 10/21/2013 USD 54.18 UBS AG 9.260 12/5/2013 USD 22.46 UBS AG 4.580 12/12/2013 USD 29.49 UBS AG 23.250 1/3/2014 EUR 72.75 UBS AG 24.250 1/3/2014 EUR 74.16 UBS AG 5.340 1/29/2014 USD 45.55 UBS AG 6.040 8/29/2014 USD 33.24 UBS AG 0.500 4/27/2015 CHF 45.35 UNITED KINGOM ------------- BARCLAYS BK PLC 13.000 9/28/2012 EUR 37.94 BARCLAYS BK PLC 12.000 9/28/2012 EUR 67.01 BARCLAYS BK PLC 7.500 10/30/2012 EUR 53.00 BARCLAYS BK PLC 6.000 1/2/2013 EUR 54.80 BARCLAYS BK PLC 12.500 1/2/2013 EUR 67.71 BARCLAYS BK PLC 10.750 3/22/2013 EUR 45.91 BARCLAYS BK PLC 10.000 3/22/2013 EUR 47.12 BARCLAYS BK PLC 10.500 6/28/2013 EUR 72.74 BARCLAYS BK PLC 11.000 6/28/2013 EUR 47.55 BARCLAYS BK PLC 8.000 6/28/2013 EUR 51.19 ESSAR ENERGY 4.250 2/1/2016 USD 58.16 MAX PETROLEUM 6.750 9/8/2013 USD 40.17 ********* 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 * * *