/raid1/www/Hosts/bankrupt/TCREUR_Public/130402.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, April 2, 2013, Vol. 14, No. 64
Headlines
B O S N I A & H E R Z E G O V I N A
* BOSNIA & HERZEGOVINA: S&P Affirms 'B/B' Ratings; Outlook Stable
C Y P R U S
BANK OF CYPRUS: Church of Cyprus Wins Bid Against Expropriation
BANK OF CYPRUS: Fitch Cuts Rating on Mortgage Covered Bonds to B
* CYPRUS: Capital Controls May Remain in Place for a Month
G E O R G I A
PARTNERSHIP JSC: Fitch Affirms 'BB-' Long-Term Currency Ratings
G E R M A N Y
KLOECKNER & CO: S&P Cuts Corporate Credit Rating to 'B+'
PROMISE-I MOBILITY: S&P Cuts Rating on Class E Notes to 'CCC-'
WINDERMERE VII: S&P Lowers Rating on Class F Notes to 'CCC-'
G R E E C E
PISTI 2010-1: S&P Puts 'B-' Rating on CreditWatch Negative
H U N G A R Y
MOL HUNGARIAN: S&P Affirms 'BB+' Long-Term Corp. Credit Ratings
I C E L A N D
OSWESTRY ACQUICO: S&P Affirms 'B+' Long-Term Corp. Credit Rating
I R E L A N D
ALLIED IRISH: Posts Pre-Tax Loss of EUR3.8 Billion in 2012
PERMANENT TSB: Pre-Tax Losses Widen to EUR922 Million in 2012
PREPS 2005-2: Fitch Affirms 'C' Ratings on Five Note Classes
VERSAILLES CLO: S&P Lowers Rating on Class E Notes to 'CCC+'
* IRELAND: Number of Business Failures Down 20% in First Quarter
I T A L Y
BANCA MONTE: Posts EUR1.59-Bil. Loss as Bad Loan Provisions Rise
PRELIOS: Approves EUR561-Mil. Debt Restructuring Plan
* ITALY: Fitch Says Insurers Face Contrasting Fortunes
K A Z A K H S T A N
IC ALLIANCE-LIFE: Fitch Assigns 'B' IFS Rating; Outlook Stable
N E T H E R L A N D S
AEG POWER: S&P Cuts Corp. Credit Rating to 'CCC+'; Outlook Neg.
P O L A N D
TVN SA: S&P Affirms 'B+' Corporate Credit Rating; Outlook Stable
P O R T U G A L
HIPOTOTTA NO. 7: S&P Lowers Rating on Class D Notes to 'B+'
LUSITANO MORTGAGES 6: S&P Cuts Rating on Class E Notes to 'CCC'
R U S S I A
EVRAZ GROUP: Highveld Stake Disposal No Impact on Ba3 CFR
GAZPROM-MEDIA: Fitch Publishes 'BB' Issuer Default Rating
S P A I N
ABS TDA: S&P Lowers Rating on Class C Notes to 'CCC-'
NCG BANCO: S&P Assigns 'BB-' Credit Ratings; Outlook Negative
T U R K E Y
YUKSEL INSAAT: Fitch Downgrades Issuer Default Rating to 'CCC'
* TURKEY: S&P Raises Long-Term Sovereign Credit Rating to 'BB+'
U K R A I N E
MRIYA AGRO: S&P Assigns 'B' Rating to $350MM Sr. Unsecured Notes
NAFTOGAZ: Fitch Says Gazprom Unlikely to Offer Price Cuts
U N I T E D K I N G D O M
AQUILA PLC: Fitch Downgrades Rating on Class D Notes to 'D'
JESSOPS PLC: To Reopen Some Stores Three Months After Collapse
TRAVELPORT LLC: S&P Cuts Long-Term Corp. Credit Rating to 'CCC+'
* UK: More Hospitals May Face Financial Woes, NHS Chief Says
* Loss Severities on UK Repossessed Properties Rise, Fitch Says
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
*********
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B O S N I A & H E R Z E G O V I N A
=======================================
* BOSNIA & HERZEGOVINA: S&P Affirms 'B/B' Ratings; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B' long- and
short-term foreign and local currency sovereign credit ratings on
Bosnia and Herzegovina. The outlook is stable.
The affirmation reflects S&P's view that the IMF Stand-By
Arrangement (the program) secured by Bosnia and Herzegovina in
September 2012 will be an important policy anchor. S&P believes
that disbursement conditionality will continue to help stabilize
what S&P views as fragile public finances at the entity level
(the Federation of Bosnia and Herzegovina and Republika Sprska),
while also boosting the government's ability to meet its
increasing external debt repayments.
Under the program, the entity governments have also implemented
reforms to improve the business environment (for instance, easing
the process of starting a new business), while reforms in the
pension and healthcare sectors are ongoing. Alongside the
program, Bosnia and Herzegovina is receiving funds from the EU's
Macro-Financial Assistance program. The first tranche was
disbursed in February 2013, amounting to 0.4% of GDP. S&P notes
that the strained finances of both the entities, coinciding with
economic stagnation since the global financial crisis, have
increased the government's reliance on the IMF for budgetary
financing.
The ratings continue to be constrained by the domestic political
environment, which S&P believes will likely remain divided along
ethnic lines and entity boundaries. Tensions exist between the
entities and the state-level institutions and, increasingly,
between the combined authorities of Bosnia and Herzegovina and
the international community. In S&P's view, periodic events --
as recent changes to the Federation and Republika Sprska
governments illustrate -- undermine confidence that political
cohesion is developing.
Such events also detract from important issues. For instance,
progress on a key constitutional amendment to allow minorities to
be elected to higher government positions, a prerequisite for EU
candidacy, has been pending since a 2009 ruling by the European
Court for Human Rights. Similarly, a census (the first since the
1992-1995 war) has also been delayed following disagreements
between the entity governments. While S&P understands these
issues have moved further up the political agenda, their
implementation remains uncertain.
Broadly speaking, S&P believes risks to IMF program
implementation and delays to reforms may persist given the
complex institutional set-up and general elections next year.
S&P expects economic growth to remain low, which will further
challenge reform implementation. S&P anticipates that, after
contracting by 0.7% in 2012, real GDP will increase by 0.5% this
year. S&P do not expect nominal investment to return to its 2008
peak until 2015.
Though the banking system -- with reported Tier 1 capital equal
to 14.1% of risk-weighted assets at end-2012 -- appears well-
capitalized, nonperforming loans have reached 13.5% of total
loans and may rise further. As a result, S&P expects banks
(mostly owned by Austrian and Italian parents) will continue to
be cautious in extending credit.
The ratings on Bosnia and Herzegovina are also constrained by
external vulnerabilities arising from persistent current account
deficits, though financing from the IMF and other multilaterals
has reduced external funding challenges. The currency board
provides stability, but limits monetary flexibility. Roughly
half of deposits are denominated in euros.
The stable outlook balances S&P's view of the IMF program's role
as a policy anchor against implementation risks posed by the
complex institutional set-up, the general elections in 2014, and
the weak external environment.
S&P could lower the ratings if political uncertainties weaken
external performance, further dampen economic growth, or cause
deterioration in government finances, or if the government fails
to meet IMF conditions thereby jeopardizing disbursements. If
S&P sees delays in payments to official creditors--as happened in
January 2012 amid ambiguity over the extension of temporary
financing-- S&P could lower the ratings by more than one notch.
In S&P's opinion, if tensions between the two entities abate, and
if their relations with state institutions improve, this would
gradually enable reform implementation independent of
international conditions. S&P believes this would strengthen the
business environment and pave the way for more sustainable growth
and better external performance. This could lead S&P to consider
raising the ratings.
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C Y P R U S
===========
BANK OF CYPRUS: Church of Cyprus Wins Bid Against Expropriation
---------------------------------------------------------------
Michael Stothard and Roman Olearchyk at The Financial Times
report that the ink was barely dry on the bailout of the Cypriot
banking system last week when the legal challenges began rushing
in, with local lawyers backed by influential business figures
already winning some small victories.
The first serious challenge was launched by the Church of Cyprus,
which has big business interests on the island, questioning the
legality of shareholders in the Bank of Cyprus having their
equity stakes taken as part of the bailout mechanism, the FT
discloses.
"The expropriation of property is contrary to the constitution of
Cyprus and the European Declaration of Human Rights," the FT
quotes Kypros Chrysostomides, partner at local tax firm Dr K
Chrysostomides, as saying.
The Church, which owns equity in the Bank of Cyprus, successfully
petitioned the government through the courts to reverse the
decision last Thursday, the FT relates. The government said on
Sunday that as a result, all shareholders in the Bank of Cyprus
would be issued new Class D shares that had few voting rights,
the FT notes.
Late on Friday, a group of local lawyers from Stelios Americanos
said they had won an interim injunction to block the haircut on
the deposits of its plaintiffs in the Bank of Cyprus, which is
the very heart of the bailout mechanism, the FT recounts.
According to the FT, officials said that this would probably be
resolved without it going to court, as the finance ministry and
the central bank have the right to appear before the Supreme
Court to try to lift the injunctions.
But if not, it could take months or even years to resolve,
further complicating the bailout process, the FT states.
Bank of Cyprus is a major Cypriot financial institution. In
terms of market capitalization of 350 million in March 2013, it
is the country's biggest bank. As of September 2012, the bank
held a 26.7% share of the Cypriot deposit market and a 22.5%
share of the Cypriot loan market, making it the largest bank in
Cyprus. The Bank of Cyprus Group employs 11,326 staff worldwide.
* * *
As reported by the Troubled Company Reporter-Europe on March 26,
2013, Moody's Investors Service downgraded to Caa3, from Caa2,
the deposit and senior unsecured debt ratings of Bank of Cyprus
Public Company Limited. These ratings have also been placed on
review for downgrade. At the same time, Moody's affirmed the
Bank Financial Strength Rating (BFSRs) of Bank of Cyprus at E.
It lowered the standalone credit assessment for Bank of Cyprus to
ca from caa3.
BANK OF CYPRUS: Fitch Cuts Rating on Mortgage Covered Bonds to B
----------------------------------------------------------------
Fitch Ratings has downgraded Bank of Cyprus (BOC) and Cyprus
Popular Bank's (CPB) mortgage covered bonds as follows:
BOC's covered bonds (Cypriot cover pool), EUR1 billion:
downgraded to 'B' from 'B+'; maintained on Rating Watch
Negative (RWN)
CPB's covered bonds (Programme II), EUR1.15 billion: downgraded
to 'B' from 'B+'; maintained on RWN
The bonds are secured by Cypriot residential mortgage assets (the
Cypriot covered bond programs).
Key Rating Drivers
The rating actions follow the downgrade of CPB and BOC's Long
Term Issuer Default Rating (IDR) to 'D' (Default) and 'RD'
(Restricted Default) respectively and the revision of the Country
Ceiling for Cyprus to 'B' from 'AAA' on March 26, 2013. The lower
Country Ceiling imposes a cap on the ratings of all issuers and
transactions domiciled in the country, including covered bond
ratings.
The ratings on the Cypriot covered bond programs are based on
Fitch's view that material credit risk is present; however in the
agency's opinion it's unlikely that the obligations would suffer
a default in the short-term. If needed, Fitch assumes that there
is sufficient capacity in the liquidity reserves accounts, held
by Bank of New York Mellon (BNY, 'AA-'/Stable/'F1+'), to make
timely interest payments under both programs at the bonds' next
interest payment date falling in April 2013 for CPB and June 2013
for BOC, as provided by the documentation already in place.
Although CPB will cease to exist as an institution, Fitch does
not expect the Cypriot cover pool to be split from the bank
estate and be used directly to repay the corresponding covered
bonds. Instead, the agency understands that CPB's Programme II's
cover assets and covered bonds will be transferred to BOC,
following the agreement between the Eurogroup and the Cypriot
authorities to fold CPB's "good" bank into BOC, while the "bad"
bank will be wound down. However, details and timing are not
currently available.
While there is still uncertainty regarding the terms of the
recapitalization of BOC, Fitch does not expect the outstanding
covered bonds to participate in the bail-in measures affecting
other classes of creditors.
Given that BOC's ('RD') and CPB's ('D') IDRs reflect an uncured
payment default on other obligations than the covered bonds,
Fitch no longer uses them as a starting point for its covered
bonds credit risk assessment. As a result, by way of exception to
the agency's covered bond rating criteria, Fitch has removed the
programs Discontinuity Caps (D-Caps) of 0 (full discontinuity),
which generally determine the maximum rating notch uplift from
the IDR of the issuing entities to the covered bond rating on a
probability of default (PD) basis.
Rating Sensitivities
The covered bonds remain on RWN as a result of the current
banking sector instability, the uncertainty surrounding the
recapitalization terms of BOC and the transfer of CPB's cover
assets and liabilities to BOC. The RWN also reflects the negative
implications of a potential recession on the domestic economy and
on the quality the banks' the residential mortgage portfolios,
which would lower the recovery prospects in the event of a
covered bonds default.
Fitch will closely monitor the developments in the
recapitalization and restructuring of the banking sector, and
reassess the likely performance of the Cypriot assets securing
the covered bonds.
In the event of an extended or permanent interest payment
shortfall or, after expiry of the applicable extension, a
material principal shortfall, Fitch would likely lower the rating
of the covered bonds to 'RD' until recovery prospects are
reviewed before reverting to the rating scale for defaulted
obligations, ranging from 'C' to 'B'.
The ratings of BOC's and CPB's covered bonds secured by Greek
residential mortgage assets no longer appear on the Fitch website
following their cancellation by the respective issuers, as
communicated by them. Piraeus Bank S.A. (rated 'CCC'/'C') has
acquired the Greek banking operations of BOC and CPB.
* CYPRUS: Capital Controls May Remain in Place for a Month
----------------------------------------------------------
BBC News reports that Cyprus foreign minister Ioannis Kasoulides
said restrictions on cash withdrawals, money transfers and the
movement of cash in and out of Cyprus could remain in place for a
month.
According to BBC, Mr. Kasoulides said capital controls would be
lifted gradually, appearing to contradict earlier estimates that
curbs would end in days.
The government has appointed three former Supreme Court judges to
investigate possible criminal activity in the crisis, BBC
discloses.
The tight capital controls were put in place after a EUR10
billion bailout deal was agreed with the European Union and the
International Monetary Fund, BBC relates.
Withdrawals over EUR300 are banned, and there are limits on
moving money, BBC notes. Branches were replenished with cash
overnight and police were deployed amid fears of a run on the
banks, BBC recounts.
Cyprus is the first eurozone member country to bring in capital
controls, BBC says.
Cyprus needs to raise EUR5.8 billion (US$7.4 billion; GBP4.9
billion) to qualify for a EUR10 billion bailout from the European
Commission, European Central Bank and the International Monetary
Fund, the so-called troika, BBC discloses.
According to BBC, in a statement issued on March 27, the ministry
of finance insisted the capital control measures were temporary
and were needed to "safeguard the stability of the system". The
ministry, as cited by BBC, said that they would be reviewed each
day.
But Mr. Kasoulides, the foreign minister, appeared to contradict
this in remarks to reporters on Thursday, BBC notes.
=============
G E O R G I A
=============
PARTNERSHIP JSC: Fitch Affirms 'BB-' Long-Term Currency Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Georgia's JSC Partnership Fund's Long-
term foreign and local currency rating at 'BB-' and Short-term
foreign currency rating at 'B'. The Outlooks on the Long-term
ratings are Stable.
Key Rating Drivers
The affirmation reflects the equalization of PF's ratings with
those of Georgia ('BB-'/Stable/'B'). Fitch used its public sector
entities methodology and applied a top-down approach in its
analysis of PF. Georgia's government ability and intent to
support the fund's potential issued or guaranteed debt remains
key factor determining rating equalization with the sovereign.
PF is 100% owned by the Georgian state. The fund manages key
infrastructure corporations on behalf of the government. The
state increased the fund's stakes in strategic assets in 2012 and
PF currently has 100% of Georgian Railway ('BB-'/Stable), 100% of
JSC Georgian Oil and Gas Corporation (GOGC, 'BB-'/Stable), 100%
of JSC Georgian State Electrosystem, and 100% of JSC Electricity
System Commercial Operator among other assets.
PF's mandate is to shape and develop private equity investments
in viable economic projects. The private equity market is
currently undeveloped in Georgia, limiting country's growth
potential. PF targets profitable projects in several key areas -
agriculture, manufacturing, real estate and energy. PF's
operational track record is relatively short. The fund launched
several investment projects in 2012. As of March 2013, none have
been completed in the current year.
Following the 2012 parliamentary elections in Georgia, the new
government decided to review its strategy for the future
development of the fund. Once materialized, any changes in PF's
structure or status strengthening its links with the state will
support Fitch's view in equalizing the ratings with that of
Georgia. On the contrary, any decision to dispose material stakes
in state-owned infrastructure companies, or changes in the goals
of the fund is viewed rating negative by Fitch.
The fund's supervisory board is chaired by the Georgian prime
minister and composed of five leading cabinet members and four
independent directors. Blending corporate structure with strong
state control should, in Fitch's view, ensure the fund's
accountability to Georgia's government, and hence its adherence
to mandated policy objectives, as well as adding investment
expertise.
The debt of PF is low and limited to an open credit line (US$5
million) and a loan from its subsidiary (US$50 million) - GOGC.
PF had taken the loan to make an advance payment for Gardabani
Power Plant project in 2012. PF considers an exchange of debt to
equity with GOGC in 2013, which will effectively reduce the
fund's debt liability. PF has no plans to issue own debt.
Rating Sensitivities
A sovereign upgrade would be positive. An upgrade of Georgia,
coupled with continued support from the state, would be rating
positive, as PF is credit linked to the sovereign.
Weaker links with the state or its downgrade would be negative. A
downgrade of the sovereign or changes that would lead to dilution
or reassessment of state support could exert downward pressure on
the rating.
=============
G E R M A N Y
=============
KLOECKNER & CO: S&P Cuts Corporate Credit Rating to 'B+'
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Germany-based steel
distributor Kloeckner & Co. S.E. to 'B+' from 'BB-'. The outlook
is stable. At the same time S&P lowered the ratings on the debt
instruments guaranteed by Kloeckner to 'B' from 'B+'. The
recovery rating on these instruments is unchanged at '5',
reflecting S&P's expectation of modest (10%-30%) recovery in the
event of a payment default.
The downgrade reflects S&P's view of continued very weak
macroeconomic and steel distribution industry environments in
Europe, only partly mitigated by somewhat more supportive
operating conditions for Kloeckner's U.S. operations. This led
S&P to revise downward its previous forecast for Kloeckner's
profits for 2013-2014, following a very weak 2012 and
notwithstanding the positive effects S&P anticipates from the
ongoing restructuring program. Moreover, Kloeckner's weakened
credit metrics, with adjusted funds from operations (FFO) after
restructuring cash costs) to debt forecast to recover to a mere
10% in 2013 (or about 15% when excluding restructuring cash
costs), fall short of the 15%-20% commensurate with the previous
'BB-' rating.
"We have revised our assessment of Kloeckner's business risk
profile to "weak" from "fair", given the company's weak
profitability over the last year and our expectation that
Kloeckner's reported EBITDA will improve only moderately in 2013
to about EUR170 million under our base-case scenario, thanks to
important cost savings and possible stronger results from
operations in the U.S., where we expect GDP growth to remain at
about 3% for 2013. However we believe any improvement in the
European operations remains highly uncertain, given our recently
revised forecasts of GDP falling by 0.5% in the eurozone
(European Economic and Monetary Union) under our base-case
scenario's GDP forecast and our view of further real steel demand
declining by 2%-3% in 2013. We see a 33% possibility of a deep
recession in Europe, which would likely trigger further weakening
of steel demand and hence of the company's profits," S&P said.
S&P now estimates some improvements in the company's adjusted
EBITDA margin before restructuring costs to about 2.5% compared
with a low 1.9% in 2012. S&P expects some profitability
improvement over the next quarters thanks to both the
profitability action plan in the company's European operations
and some growth in the U.S. operations.
"The stable outlook reflects our view that Kloeckner's liquidity
will remain strong, which should allow it to focus on
implementing the restructuring measures and gradually improve its
operating performance. As a result, we expect that credit
metrics will gradually recover in 2013-2014. We consider credit-
protection measures, such as adjusted FFO to debt of about 15%,
as commensurate with the 'B+' rating. That said, for 2013, we
anticipate that Kloeckner will be slightly below this target
ratio due to a still difficult market environment and cash
restructuring outlays, although we assume that the company will
achieve the target ratio in 2014. We factor into our forecasts
and assumptions that Kloeckner will act cautiously when engaging
in further large-scale acquisitions, as it did in the last
downturn," S&P added.
Near-term ratings downside appears remote, given the company's
comfortable liquidity position. Downward rating pressure would
materialize, however, if Kloeckner were unable to improve its
profitability, if adjusted FFO to debt remained below 10% on a
prolonged basis, or in case of a large debt-financed acquisition
in the current challenging market environment.
Ratings upside could build over the next two years if Kloeckner's
operating performance and credit protection measures improved
significantly and if FFO to debt consistently remained at about
20%-25%. However, these upside factors would require successful
restructuring efforts, and a substantial improvement in the
industry environment, in S&P's view.
PROMISE-I MOBILITY: S&P Cuts Rating on Class E Notes to 'CCC-'
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and removed from
CreditWatch negative its credit ratings on PROMISE-I Mobility
2008-1 GmbH's class B, C, D, and E notes. At the same time, S&P
has raised and removed from CreditWatch negative its rating on
the class A2+ notes and affirmed and removed from CreditWatch
negative its rating on the class A1+ notes.
The rating actions follow the application of S&P's updated
criteria for collateralized loan obligations (CLOs) backed by
small and midsize enterprises (SMEs), as well as S&P's assessment
of the transaction's performance using the latest available
investor report and portfolio data from the servicer
On Jan. 17, 2013, when S&P updated SME CLO criteria became
effective, it placed on CreditWatch negative its ratings on the
class A1+, A2+, B, C, D, and E notes
PERFORMANCE OVERVIEW
Since S&P's previous review of the transaction on April 27, 2012,
the portfolio has continued to amortize in a linear fashion,
leading to a further deleveraging of the capital structure. The
pool factor (the percentage of original principal left to be
distributed) equals 23.75%, and the weighted-average life
remaining is two years. Following the February 2013 interest
payment date, the class A1+ notes' notional outstanding amount
equals 17.12% of the notes' original balance (compared with 29.4%
as of S&P's April 2012 review).
The amount of cumulative defaulted loans (defined in the
transaction documents as bankruptcy or failure to pay for 90 days
or more) increased to EUR43.8 million (2.92% of the pool volume
at closing) from EUR26.6 million, as of S&P's April 2012 review.
Of the total cumulative defaults, 36.8% have completed their
workout procedures, with a 59% overall achieved recovery rate
(including losses stemming from accrued interest and foreclosure
costs).
Consequently, as of February 2013, the issuer allocated a
EUR6.9 million cumulative net loss to the unrated class F notes.
The class F notes' balance has now decreased to 73.2% of its
original balance from 74.4%, as of S&P's April 2012 review. The
principal balance of the loans currently undergoing workout
procedures is about EUR27.7 million. To date, these loans have
generated EUR5.6 million, or 19.4% in recoveries. As these loans
complete their respective workout processes, S&P anticipates that
the issuer will allocate further residual losses to the class F
notes over the coming interest payment dates.
In addition to the loans currently undergoing workout, the
originator classifies EUR5.17 million of loans as defaulted,
which represents 1.45% of the current portfolio balance. To
date, these loans have not triggered a credit event under the
transaction documents. However, S&P believes they risk
triggering further credit events and incurring losses to the
transaction.
Overall, the portfolio's ongoing amortization has increased the
credit enhancement available to the class A1+, A2+, B, C, and D
notes. This increase was more pronounced for the senior class
A1+ and A2+ notes. However, the credit enhancement available to
the class E notes has decreased because the ongoing deleveraging
of the capital structure has not fully mitigated the negative
effect of additional defaults, in S&P's view.
Available Credit Enhancement*
Class Credit enhancement (%)
A1+ 30.94
A2+ 17.58
B 12.61
C 9.18
D 4.74
E 0.77
* In S&P's calculations, it has treated as defaulted
EUR5.17 million of loans classified in the originator's
default rating categories, which have not triggered a credit
event to date under the transaction.
At the same time, the portfolio's amortization has contributed to
an increase in obligor concentration levels. The top obligor
group now comprises 2.8% of the portfolio's balance, and the
largest 20 obligor groups account for about 36%. This compares
with 28.3% at S&P's previous review. S&P's rating actions are
primarily due to its assessment of the increased obligor
concentration risks inherent in the portfolio.
CREDIT ANALYSIS
As a result of the portfolio's increased obligor concentration,
S&P has determined the portfolio's scenario default rates (SDRs)
at all rating levels using its CDO evaluator model. S&P based
its SDR calculation on a weighted-average life of two years, and
a target portfolio rating of 'BB-', which S&P derived from three
factors:
-- Germany's Banking Industry Country Risk Assessment (BICRA);
-- The five-year average observed default frequency of the
originator's overall SME loan book; and
-- The credit quality of the transaction's portfolio,
considering the credit quality of the originator's overall
SME loan book.
To derive S&P's loan-level rating inputs for its CDO Evaluator
model, it mapped--to a Standard & Poor's rating--the originator's
internal performing credit scores assigned to the various
obligors in the transaction's portfolio such that the portfolio's
weighted-average rating equals the portfolio's target 'BB-'
rating.
The resulting SDRs at the rating levels assigned to the notes are
as follows:
Rating level SDR(%)
AAA 27.35
AA 21.59
BBB+ 14.96
BB+ 11.96
CCC+ 7.00
CCC- 5.95
RECOVERY RATE ANALYSIS
At each liability rating level, S&P assumed a weighted-average
recovery rate (WARR) by taking into consideration the asset type,
its seniority, the country recovery grouping, and the
transaction's historically achieved recovery rate.
The portfolio includes both senior secured and senior unsecured
loans, secured by mainly real estate (65%). To date, the
transaction has generated a 59% in recoveries upon completion of
the workout process. Losses on defaulted loans include
enforcement costs and foregone interest. S&P has taken these
factors into account in its analysis and have consequently
determined its recovery assumptions for the transaction at
various rating scenarios to be:
Rating level Recovery assumptions (%)
AAA 27.4
AA 30.7
A 34.4
BBB 38.7
BB 47.5
B/CCC 51.0
S&P applied the recovery rates to the SDRs at each rating level
to calculate the scenario loss rates.
Rating-Specific Scenario Loss Rates
Assigned rating Scenario loss rates (%)
AAA 19.86
AA 14.96
BBB+ 9.18
BB+ 6.28
CCC+ 3.44
CCC- 2.93
S&P then determined, for each class of notes, the rating level at
which the available credit enhancement is at least equal to the
scenario loss rate. The class A1+, A2+, B, C, and D notes
currently have a credit enhancement level in excess of the
scenario loss rates at their current rating levels.
SUPPLEMENTAL TESTS
In line with S&P's SME criteria, it applied:
-- The largest obligor default test to the class A1+, A2+, B,
C, D, and E notes; and
-- The largest industry default test and the largest region
default test to the class A1+ and A2+ notes.
The application of these tests did not constrain S&P's ratings on
the class A1+ and A2+ notes. The class A1+ notes have sufficient
available credit enhancement to support the currently assigned
rating, while the class A2+ notes available credit enhancement is
sufficient to support a higher rating. S&P has therefore affirmed
and removed from CreditWatch negative its rating on the class A1+
and raised and removed from CreditWatch negative its rating on
the class A2+ notes.
The application of the largest obligor default test constrains
S&P's rating on the class B, C, and D notes at 'BBB+', 'BB+', and
'CCC+', respectively. S&P has therefore lowered and removed from
CreditWatch negative its ratings on the class B, C, and D notes.
According to S&P's analysis, the credit enhancement available to
the class E notes is below the scenario loss rate at the
currently assigned rating on these notes. Additionally, this
class is currently failing the largest obligor default test. S&P
has therefore lowered and removed from CreditWatch negative its
ratings on the class E notes.
PROMISE-I is a balance-sheet synthetic SME transaction that
closed in March 2008. The reference portfolio includes Bank
loans that IKB Deutsche Industriebank AG originated and granted
to German SMEs. Subordination provides credit enhancement to the
rated notes. The notes redeem in fully sequential order,
starting with the class A1+ notes, while realized losses are
allocated in reverse order of seniority, starting with the
unrated class F notes.
STANDARD & PORR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
PROMISE-I Mobility 2008-1 GmbH
EUR83.9 Million Floating-Rate Credit-Linked Notes
Rating Affirmed and Removed From CreditWatch Negative
A1+ AAA (sf) AAA (sf)/Watch Neg
Rating Raised and Removed From CreditWatch Negative
A2+ AA (sf) AA- (sf)/Watch Neg
Ratings Lowered and Removed From CreditWatch Negative
B BBB+ (sf) A- (sf)/Watch Neg
C BB+ (sf) BBB- (sf)/Watch Neg
D CCC+ (sf) B (sf)/Watch Neg
E CCC- (sf) CCC+ (sf)/Watch Neg
WINDERMERE VII: S&P Lowers Rating on Class F Notes to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Windermere VII CMBS PLC's class A2, B, and C notes. At the same
time, S&P has lowered its ratings on the class D, E, and F notes.
The rating actions follow S&P's review of the credit quality of
the seven remaining loans in the pool under S&P's updated
criteria for rating European commercial mortgage-backed
securities (CMBS) transactions.
S&P has generally revised downward its view on the properties
backing the loans. Factors affecting S&P's opinion of the loans
and underlying assets include property market conditions, short
unexpired lease lengths on single let assets, and five of the
remaining seven loans being in default. Consequently, S&P
anticipates that a number of the loans in the pool will incur
losses.
Following the sequential pay down of both the Corpus and Nitsba
loans within this transaction, the class A2, B, and C notes now
benefits from greater credit enhancement. Consequently, S&P has
raised its ratings on these classes of notes.
CREDIT QUALITY
The seven remaining loans in this transaction are secured against
32 properties, of which 11 are multifamily properties, 15 are
office properties, and six are retail properties. The assets are
located in Germany, France, and Spain. Five of the loans left in
the transaction are specially serviced. These loans represent
87.31% of the aggregate remaining securitized loan amount. Three
of the seven loans were nonperforming on the January 2013 payment
date.
NORDOSTPARK LOAN (24.50% OF THE POOL BY SECURITIZED LOAN BALANCE)
The Nordostpark loan has a securitized loan balance of
EUR43.15 million. It is secured against a single modern 42,762
sq. m office property located on the outskirts of Nuremberg,
Germany. Lucent Technologies Network Systems (Alcatel-Lucent)
occupies the entire property on a lease expiring in December
2014.
The loan was transferred to special servicing in November 2011
due to a loan-to-value (LTV) ratio covenant breach. An
additional default occurred in October 2012 when the loan failed
to repay at maturity. Forced administration and forced sale
proceedings are ongoing.
The property has a current unexpired lease term of 1.80 years.
S&P understands the property is substantially over-rented, and,
given current market conditions, S&P believes this is likely to
impact the achievable sales value. S&P considers it likely that
the securitized loan will suffer principal losses.
REDLEAF I (13.89% OF THE POOL BY SECURITIZED LOAN BALANCE)
The RedLeaf I loan has a whole-loan balance of EUR24.46 million,
which is fully securitized. It was transferred to special
servicing in September 2009 due to a continuing LTV ratio
covenant breach. However, it is also now in maturity default.
The loan was restructured in October 2012 when a standstill
agreement became effective, which stated that the special
servicer had agreed not to enforce or accelerate the loan until
the rolling standstill period expires in December 2013.
The loan is secured against five shopping centers/retail
warehouse estates in Spain. At the January 2013 reporting date
the servicer reported a current LTV ratio of 219% for this loan.
Following S&P's analysis, it considers that this loan will likely
suffer principal losses.
The underlying properties are located in Spain (BBB-/Negative/A-
3) and, in accordance with S&P's criteria for rating transactions
that exceed EMU sovereign ratings, S&P has capped the rating
achievable for this loan at six notches above its current long-
term rating on Spain. Therefore, the maximum rating achievable
for this loan is 'AA- (sf)'.
MULHEIM LOAN (11.52% OF THE POOL BY SECURITIZED LOAN BALANCE)
The Mulheim loan matured in January 2011 and has a securitized
loan balance of EUR20.29 million. The loan defaulted following a
failure to repay at maturity and is currently specially serviced.
The underlying asset comprises a 12,780 sq. m modern out-of-town
office located in Mulheim, Germany. The property is currently
let in its entirety to GMC, wholly-owned by Deutsche Telekom AG.
The remaining unexpired lease term is 2.53 years and S&P believes
that the property is currently over-rented.
In S&P's opinion, the property value is vulnerable to potential
high market value declines. Given the declining occupational
lease length, over-rented tenancy, and substantial asset size,
S&P believes that this may limit the purchase price achievable.
As such, S&P considers it likely that the securitized loan will
suffer principal losses.
REDLEAF II LOAN (9.71% OF THE POOL BY SECURITIZED LOAN BALANCE)
The RedLeaf II loan is secured against a single retail shopping
center in Ceuta, Spain. The loan was transferred to special
servicing in February 2013 following a failure to repay at loan
maturity.
In January 2013, the servicer reported a securitized LTV ratio of
68% for this loan. S&P considers that this does not reflect
current property market conditions and is unlikely to adequately
address the risk of principal losses to the securitized loan
balance in difficult market conditions. S&P considers the
ability of a purchaser of the property to be able to raise
finance in the current market to be limited. This is likely to
restrict the potential purchaser market for the property, which
may lower the possible property value, in S&P's view. S&P
therefore considers that the securitized loan will likely suffer
principal losses.
As with the RedLeaf I loan, the subject property is located in
Spain. In accordance with S&P's nonsovereign ratings criteria,
it has capped the rating achievable for this loan at six notches
above its current long-term rating on Spain. Therefore, the
maximum rating achievable for this loan is 'AA- (sf)'.
The remaining loans in the pool include the Adductor loan
(27.68%), Phoenix loan (7.66%), and the Firefly loan (5.03%).
The Adductor loan, currently in default, is the largest remaining
loan in the securitized pool and is secured against 13 office
properties in France. The remaining Phoenix and Firefly loans
are secured against separate German multifamily portfolios in
greater Berlin. S&P do not expect these three loans to
experience principal losses.
Taking into account S&P's review of the remaining seven loans'
deteriorating performance, S&P considers that in particular, the
risk of principal losses for the Spanish retail and single-let
German office assets has significantly increased. S&P believes
that the available credit enhancement for the class D notes is no
longer sufficient to support the current rating level. S&P has
therefore lowered to 'B (sf)' from 'BB- (sf)' its rating on the
class D notes.
S&P's analysis indicates that the class E and F notes are
becoming more vulnerable to principal losses. S&P has therefore
lowered its ratings on these classes of notes. S&P believes that
the class F notes are likely to experience losses in the near
future, following the potential workout and sale of the defaulted
loans.
The recent repayment in full of the Nitsba loan has led to a
significant increase in credit enhancement for the class A2, B,
and C notes. S&P has therefore raised its ratings on these
classes of notes.
In applying S&P's 2012 counterparty criteria, it considers that
its ratings in this transaction are constrained to its long-term
issuer credit rating on the account bank provider, Elavon
Financial Services Ltd. (AA-/Stable/A-1+). Therefore, S&P's
rating on the class A2 notes has been constrained to 'AA- (sf)' .
Windermere VII CMBS is a pan-European multi loan CMBS transaction
that closed in May 2006 with a note balance of EUR782.25 million.
The underlying pool initially comprised 12 loans secured on real
estate assets in Germany, France, Spain, and Sweden. On the
January 2013 interest payment date, seven loans remained
outstanding against a note balance of EUR174.09 million. Five
loans, accounting for 57.55% of the original balance, have repaid
since closing. The most recent loans to be repaid were the
Corpus and Nitsba loans, which repaid in October 2012 and January
2013, respectively. The remaining seven loans are secured
against 15 office properties, six retail properties, and two
multifamily housing portfolios located in Germany, France, and
Spain.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Windermere VII CMBS PLC
EUR782.25 Million Commercial Mortgage-Backed Floating-Rate Notes
Ratings Raised
A2 AA- (sf) A+ (sf)
B A+ (sf) A (sf)
C BBB+ (sf) BBB (sf)
Ratings Lowered
D B (sf) BB- (sf)
E B- (sf) B+ (sf)
F CCC-(sf) CCC (sf)
===========
G R E E C E
===========
PISTI 2010-1: S&P Puts 'B-' Rating on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch negative
its 'B- (sf)' credit rating on Pisti 2010-1 PLC's class A notes.
The CreditWatch placement is due to irregularities in the
investor reports. The investor reports have understated the note
expense rate. As a result, the transaction's implied excess
spread is much higher than it would otherwise be.
In addition, the available finance charge amount has not been
allocated in line with the finance charge priority of payments,
as outlined in the cash management agreement.
S&P will resolve its CreditWatch placement in due course if it
receives correctly updated reports. If S&P do not receive this
information within a reasonable timeframe, it may withdraw its
rating on the class A notes.
Pisti 2010-1 is a securitization of credit card and revolving
loan receivables that Alpha Bank A.E. originated.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
=============
H U N G A R Y
=============
MOL HUNGARIAN: S&P Affirms 'BB+' Long-Term Corp. Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services said it had revised its
outlook on MOL Hungarian Oil and Gas PLC to negative from stable.
At the same time, the 'BB+' long-term corporate credit ratings
were affirmed.
The rating actions follow the revision of S&P's outlook on
Hungary.
S&P revised its outlook on MOL to reflect S&P's view of increased
risks that a tightening fiscal environment, deteriorating
operating conditions, and other regulatory changes could
constrain MOL's cash-generating capacity. A downgrade of Hungary
would therefore likely result in a downgrade of MOL.
Nevertheless, S&P continues to rate MOL one notch higher than
Hungary. This one-notch rating differential between MOL and the
sovereign reflects MOL's diversification into the profitable
exploration and production segment (70% of EBITDA in 2012) and
its healthy liquidity. In addition, four of MOL's five
refineries are located outside Hungary, providing important
diversification into the economies of Slovakia and Croatia. S&P
believes MOL derives more than 50% of its EBITDA outside Hungary,
and about 70% of the group's assets are located abroad. This
geographic diversity should enable MOL to keep generating healthy
results. It also allows for cash flow from outside Hungary that
can go toward repaying MOL's foreign currency debt, which is
another supporting factor.
Worsening operating conditions in Hungary could hurt MOL's profit
and cash flow generation ability, but S&P believes even in a
stressed scenario MOL should still be able to meet its financial
obligations. S&P's stress tests assume, among other things, a
collapse in demand that affects demand for refined products and
gas, and further adverse tax measures.
Another mitigating factor is Hungary's membership of the EU. EU-
wide regulations would make it difficult for Hungary to introduce
export or import barriers that would hamper MOL's operations.
This differentiates MOL from peers operating in non-EU countries.
In S&P's view, MOL's overall risk from operating in Hungary has
increased, given the lower-rated sovereign. S&P expects the
tough operating conditions, uncertainty about the government's
future actions, and weakening demand for refined oil products to
continue.
The Hungarian government owns 24% of MOL, which in S&P's view is
run independently from the state. S&P assess MOL's link with the
Hungarian government as limited and therefore have not included a
rating uplift. MOL's oil and gas operations support its view of
its important role for the Hungarian government. S&P factors in,
among other things, that the government spent nearly
EUR1.9 billion to buy 21.2% of MOL in 2011 and is unlikely to
dispose of this stake; it recently even raised it to 24.6%.
MOL's credit ratios are strong for the rating, which S&P
considers positive. S&P forecasts the ratio of funds from
operations (FFO) to debt to remain in the 30%-35% range in 2013,
and free operating cash flow to be $400 million-$600 million,
under S&P's long-term oil price assumption of $80 per barrel of
oil equivalent.
The negative outlook on MOL reflects that a further downgrade of
Hungary would likely result in a downgrade of MOL, given S&P's
view of a maximum one-notch rating differential between MOL and
the sovereign. It also reflects the risks that a tightening
fiscal environment, deteriorating operating conditions, and other
regulatory changes could constrain MOL's cash-generating
capacity.
Rating pressure could also arise if MOL were unable to maintain
"adequate" liquidity or S&P considered it unlikely to be able to
repay its financial obligations under a stress scenario. In
addition, a downgrade could result if discretionary cash flow
(FOCF minus dividends) turned sharply negative and S&P estimates
FFO to debt of less than 25% for a sustained period.
S&P would also consider a rating action if MOL's access to banks
or capital markets were to decline. Major acquisitions or
significant dividends would also put pressure on the ratings.
S&P views these as unlikely, however, given MOL's financial
policies and the uncertain macroeconomic environment.
The main condition for a revision of S&P's outlook on MOL to
stable would be a similar outlook revision for the sovereign
rating, supported by FFO to debt comfortably above 25% and at
least breakeven discretionary cash flow. An upgrade is currently
unlikely.
=============
I C E L A N D
=============
OSWESTRY ACQUICO: S&P Affirms 'B+' Long-Term Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B+'
long-term corporate credit rating on Oswestry Acquico Ltd.
(Iceland Foods), the parent company of U.K.-based frozen food
retailer Iceland Foods Group Ltd. (not rated). The outlook is
stable.
At the same time, S&P raised its issue rating on Iceland Foods'
senior secured credit facilities to 'BB-' from 'B+'. S&P also
revised upward its recovery rating on the senior secured credit
facilities, to '2' from '3'. The recovery rating of '2'
indicates S&P's expectation of substantial (70%-90%) recovery
prospects in the event of a payment default.
The affirmation reflects S&P's view that Iceland Foods has
maintained resilient operating performance in challenging market
conditions. In addition, the group has made loan repayments of
82.5 million, despite increased capital spending, and has secured
consent from its lenders to reduce the margin payable on all
tranches of its senior secured facilities by 50 basis points.
S&P continues to assess Iceland Foods' business risk profile as
"fair" and its financial risk profile as "highly leveraged," as
S&P's criteria define these terms.
Iceland Foods' "fair" business risk profile reflects S&P's view
of its position as a midsize player in the U.K. food retail
market, with a strong focus on the frozen food subsegment, which
is largely value-focused. The group's "highly leveraged"
financial risk profile reflects S&P's view of its high Standard &
Poor's-adjusted debt after a management buyout in 2012. The
group's "adequate" liquidity and positive free cash flow somewhat
mitigate its high leverage.
S&P expects that challenging macroeconomic conditions in the
U.K., coupled with high household indebtedness, will continue to
adversely affect retail spending in 2013. That said, in S&P's
opinion, Iceland Foods' market position as a retailer of value
and frozen foods makes it resilient to the difficult
macroeconomic conditions in the U.K. S&P has not seen the recent
contamination of beef products with horsemeat have a materially
adverse effect on Iceland Foods' operating performance. In S&P's
base-case scenario, it forecasts flat to slightly positive (up to
1%) like-for-like sales growth over 2013 and 2014. In S&P's
view, this should translate into reported top-line growth of more
than 5% for the financial year ended March 31, 2014, as a result
of an increase in new stores. Due to ongoing highly competitive
market conditions and cost pressures, S&P anticipates that the
group's gross margin will remain largely stable at just over 13%
in financial 2014.
In S&P's view, notwithstanding the highly competitive U.K. market
and difficult macroeconomic conditions, Iceland Foods should be
able to maintain its market position in the value foods and
frozen food segment. S&P also anticipates that the group should
be able to sustain the necessary financial flexibility to service
its highly leveraged debt structure and undertake modest
deleveraging through internal cash generation.
The rating could come under downward pressure if Iceland Foods'
EBITDA cash interest coverage slips to less than 2x as a result
of operating pressures or higher levels of discretionary spending
than S&P anticipates. Further ratings downside could occur if
unexpected operating setbacks from a decline in sales, a
weakening market share, or brand damage were to cause the group's
gross margin to decline by more than 200 basis points, rendering
liquidity "less than adequate" under S&P's criteria.
Although S&P anticipates a reduction in senior debt, it forecasts
that adjusted debt to EBITDA (including the vendor loan notes)
will remain about 6x as a result of high capex and interest
accrual on the vendor loan notes. S&P believes that an upgrade
is unlikely until the ratio of adjusted debt to EBITDA (including
the vendor loan notes) falls to less than 5x.
=============
I R E L A N D
=============
ALLIED IRISH: Posts Pre-Tax Loss of EUR3.8 Billion in 2012
----------------------------------------------------------
Colm Kelpie at Independent.ie reports that state-owned AIB
suffered a pre-tax loss of EUR3.8 billion last year but its chief
executive David Duffy remains confident that it can return to
profitability next year.
According to Independent.ie, the bailed-out lender, which
received more than EUR20 billion from taxpayers, had an operating
loss before exceptionals of EUR2.8 billion -- down 65% from
EUR8.1 billion the previous year.
Mr. Duffy -- who was paid EUR546,000 before he took a pay cut
last year -- described 2012 as a challenging year, Independent.ie
relates.
"Our ambition is to return to sustainable profitability in 2014
and, based on the results, we still maintain that as a viable
target," Independent.ie quotes Mr. Duffy as saying.
"While 2012 was another very challenging year for the group, a
number of important steps were taken to position the bank for
recovery over the longer term.
"We continued to make progress on restructuring our balance sheet
and undertook a number of strategic initiatives which will reduce
the bank's cost base over time."
About Allied Irish Banks
Allied Irish Banks, p.l.c. -- http://www.aibgroup.com/-- is a
major commercial bank based in Ireland. It has an extensive
branch network across the country, a head office in Dublin and a
capital markets operation based in the International Financial
Services Centre in Dublin. AIB also has retail and corporate
businesses in the UK, offices in Europe and a subsidiary company
in the Isle of Man and Jersey (Channel Islands).
PERMANENT TSB: Pre-Tax Losses Widen to EUR922 Million in 2012
-------------------------------------------------------------
Jamie Smyth at The Financial Times reports that losses at
Permanent TSB widened last year amid an escalating mortgage
crisis in Ireland that has seen one in five of the lender's home
loans fall into arrears.
The bank, which was nationalized during Ireland's banking crisis,
reported on Tuesday a pre-tax loss of EUR922 million in the 12
months to end December 2012, up from EUR505 million in 2011, the
FT relates.
Impairment charges on bad loans fell to EUR891 million last year,
down from EUR1.47 billion a year earlier, the FT discloses.
However, the bank's pre-tax losses increased as Permanent TSB had
benefited from a one-off gain of EUR963 million in 2011 when it
bought back its own debt in a liability exercise, the FT notes.
Dublin plans to transform Permanent TSB into a "third national
bank" that can provide competition to Bank of Ireland and Allied
Irish Banks in a rapidly shrinking Irish banking market, the FT
discloses. According to the FT, under a restructuring plan,
which still needs to be signed off by the European Commission,
the bank is being split into a "good" and "bad" bank in an
attempt to deal with non-performing loans.
Permanent TSB is formerly Irish Permanent and TSB bank.
PREPS 2005-2: Fitch Affirms 'C' Ratings on Five Note Classes
------------------------------------------------------------
Fitch Ratings has affirmed eight classes of notes from the
transactions Preps 2005-2, Preps 2006-1 and Preps 2007-1.
Key Rating Drivers
The affirmation reflects the agency's view that the current
ratings are in line with the transactions' overall performance.
Preps 2005-2 reached scheduled maturity in December 2012. Since
the companies' profit participation agreements securitized in the
pool are bullet loans with the same tenor, they all became due on
the same scheduled maturity date. The senior class A1 and A2
notes have been repaid in full, however the junior class B1 and
class B2 notes are still outstanding which is because the
underlying asset portfolio did not yield sufficient cash.
Thirteen companies with a total notional of EUR12 million in the
Preps 2005-2 pool are in the process of work-out upon not
repaying their debt on the scheduled maturity date. Their total
notional of EUR12 million is significantly lower than the class
B1 and B2 current total outstanding balance of EUR52.26 million.
According to the portfolio manager, the sale of two profit
participation agreements is not yet reflected in the outstanding
class B1 and B2 note balances. The received cash in the amount of
EUR3.9 million will be allocated according to the waterfall on
the June 2013 payment date. Part of this cash will be allocated
to the class B1 and B2 notes which will reduce their current
outstanding balances.
Even if all of the 13 companies in Preps 2005-2 managed to fully
repay their outstanding loan amounts of EUR12 million (which is a
highly unlikely scenario), the cash received would not be
sufficient to fully redeem the outstanding class B1 and B2 notes
until their legal final maturity date in December 2014.
Therefore, the agency affirmed Preps 2005-2's class B1 and B2
notes at 'Csf' which indicates that a default appears inevitable.
Preps 2006-1 has shown two additional principal deficiency ledger
(PDL) events since the last rating action in April 2012.
Accordingly, the outstanding PDL balance slightly increased to
EUR51.47 million from EUR48.15 million, thus resulting in a lower
outstanding performing pool balance. The available credit
enhancement of 19.87% (calculated based on the
overcollateralization provided by the outstanding performing pool
balance of EUR215.5 million over the class A1 and A2 outstanding
notes of EUR172.68 million) is sufficient to provide for the
default of the three largest obligors, before the senior class A1
and A2 notes are under-collateralized.
The Preps 2006-1's senior class A1 and A2 notes have more credit
enhancement which can provide for the potential default of more
large obligors compared to the other Preps transactions. Hence,
the agency affirmed the Preps 2006-1's senior class A1 and A2
notes' ratings at 'Bsf' which implies a material default risk,
although a limited margin of safety remains.
Preps 2007-1 has shown two additional PDL events since the last
rating action in April 2012. Accordingly, the outstanding PDL
balance rose to EUR58.62 million from EUR49.8 million. This
resulted in a lower outstanding performing pool balance of EUR162
million which only marginally exceeds the senior class A1 note of
EUR149.6 million. This overcollateralization is sufficient to
provide for a potential default of the largest obligor only.
Given the small overcollateralization left in Preps 2007-1, the
agency regards the senior class A1 notes to be exposed to
substantial credit risk which is reflected in the current 'CCCsf'
rating.
Similar to the Preps 2005-2 transaction, the subordinated class B
notes in Preps 2006-1 and Preps 2007-1 already have negative
credit enhancement when the outstanding PDL balances are taken
into account. In the event that the PDL balance is not fully
cleared by the transactions' legal maturity (July 2015 for Preps
2006-1 and March 2016 for Preps 2007-1), which is likely given
the current performance, losses will be allocated to these notes.
This is reflected in the current 'Csf'-rating of the class B
notes.
A key risk in these transactions is the upcoming refinancing risk
that amplifies the existent credit risk associated with each one
of the portfolio companies. All the loans are bullet loans
maturing on the same day. Fitch is not aware of the refinancing
routes that the particular companies usually go. This risk is
reflected in the credit rating and the Negative Outlook of all
notes rated above 'CCCsf'. Fitch is in contact with the asset
managers and will review any available information on the
repayment and refinancing plans of the borrowers.
Fitch assigned Recovery Estimates (REs) to all notes rated
'CCCsf' or below. REs are forward-looking recovery estimates,
taking into account Fitch's expectations for principal repayments
on a distressed structured finance security.
The PREPS series are cash securitizations of subordinated loans
to medium-sized enterprises located in up to eight jurisdictions,
including Germany, Austria, Switzerland, Italy, Belgium,
Luxembourg, the Netherlands and the United Kingdom.
RATING SENSITIVITES
The transactions are primarily sensitive to the performance of
single obligors during their lifetime given the significant
obligor concentrations. Further, the transactions are also
exposed to the refinancing risk since all the loans become due on
the scheduled maturity date. These risks are reflected in the
current ratings of the notes.
The rating actions are:
PREPS 2005-2 plc (PREPS 2005-2):
-- EUR40,161,652 class B1 notes (ISIN: XS0236849930): affirmed
at 'Csf; assigned 'RE0%'
-- EUR12,096,883 class B2 notes (ISIN: XS0236850862): affirmed
at 'Csf; assigned 'RE0%'
PREPS 2006-1 plc (PREPS 2006-1):
-- EUR172,037,188 class A1 notes (ISIN: XS0261122732): affirmed
at 'Bsf'; Outlook Negative
-- EUR650,288 class A2 notes (ISIN: XS0261125081): affirmed at
'Bsf'; Outlook Negative
-- EUR40,000,000 class B1 notes (ISIN: XS0261125677): affirmed
at 'Csf'; assigned 'RE0%'
-- EUR9,000,000 class B2 notes (ISIN: XS0261127376): affirmed
at 'Csf'; assigned 'RE0%'
PREPS 2007-1 plc (PREPS 2007-1):
-- EUR149,615,696 class A1 notes (ISIN: XS0289620709): affirmed
at 'CCCsf'; assigned 'RE70%'
-- EUR35,000,000 class B1 notes (ISIN: XS0289620881): affirmed
at 'Csf'; assigned 'RE0%'
VERSAILLES CLO: S&P Lowers Rating on Class E Notes to 'CCC+'
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its credit ratings
on Versailles CLO M.E. I PLC's class D and E notes. At the same
time, S&P has affirmed its ratings on the class S, A-1-D, A-1-T,
A-2, B, and C notes.
S&P used data from the trustee report dated Jan. 2, 2013, and its
cash flow analysis to review the transaction's performance.
Since S&P's previous review of the transaction on May 15, 2012,
the aggregate collateral balance has significantly deteriorated
to EUR308 million from EUR333 million due to defaults in the
underlying portfolio. As a result, the credit enhancement
available has decreased for all classes of notes, except the
class S notes, which have been amortizing.
Since S&P's May 2012 review, the class E notes have failed their
par value test (this test measures the overcollateralization
ratio). This caused the class A-1-D, A-1-T, and A-2 notes to
partially amortize with available interest proceeds on the
January 2013 interest payment date, which coincided with the end
of the reinvestment period.
The transaction benefits from the underlying portfolio's improved
diversification, and a decrease to 5.8% from 7.2% in the
proportion of assets that S&P considers to be rated in the 'CCC'
category ('CCC+', 'CCC', and 'CCC-'). In addition, since S&P's
previous review, the transaction's weighted-average life has
decreased to 4.3 years from 4.6 years, the weighted-average
spread has increased to 3.41% from 3.94%, and the weighted-
average recovery rates have slightly improved.
S&P subjected the transaction's capital structure to a cash flow
analysis to determine the break-even default rate for each rated
class, at each rating level. S&P used the portfolio balance that
it considers to be performing (EUR308 million), the reported
weighted-average spread (3.94%), and the weighted-average
recovery rates that S&P considers to be appropriate. S&P
incorporated various cash flow stress scenarios using its
standard default patterns, levels, and timings for each rating
category assumed for each class of notes, in conjunction with
different interest rate stress scenarios.
Following S&P's cash flow analysis, it considers the level of
credit enhancement available to the class D and E notes to be
commensurate with lower ratings than those currently assigned.
In addition, the application of the largest obligor default test
caps S&P's ratings on the class D and E notes at 'BB+ (sf)' and
'CCC+ (sf)', respectively. S&P has therefore lowered its ratings
on the class D and E notes.
The largest obligor default test is a supplemental stress test
that S&P introduced in its 2009 criteria update for corporate
collateral debt obligations (CDOs).
S&P has affirmed its ratings on the class S, A-1-D, A-1-T, A-2,
B, and C notes because it considers the credit enhancement
available to be commensurate with the currently assigned ratings.
Versailles CLO M.E. I is a 2006-vintage cash flow collateralized
loan obligation (CLO) transaction backed primarily by leveraged
loans to speculative-grade corporate firms. BNP Paribas manages
the transaction.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating
To From
Versailles CLO M.E. I PLC
EUR337.5 Million Floating-Rate Notes And Subordinated Notes
Ratings Lowered
D BB+ (sf) BBB- (sf)
E CCC+ (sf) BB- (sf)
Ratings Affirmed
S AAA (sf)
A-1-D AA+ (sf)
A-1-T AA+ (sf)
A-2 AA+ (sf)
B A+ (sf)
C BBB+ (sf)
* IRELAND: Number of Business Failures Down 20% in First Quarter
----------------------------------------------------------------
Sarah McCabe at Independent.ie reports that the number of Irish
companies going out of business fell by 20% in the first three
months of this year.
According to the latest research, there were 347 business
failures in the first three months of the year, compared to 433
over the same period in 2012, according to the latest research,
Independent.ie notes.
The services sector saw the most significant reduction, while
construction company insolvencies also fell, indicating that some
level of stability may be returning to that industry,
Independent.ie discloses.
However, the retail and hospitality sectors are still seeing high
levels of business failure, Independent.ie notes.
The number of retailers going out of business increased by nearly
two-fifths over the period, Independent.ie says, citing the
Insolvency Journal, which is linked to accountancy firm Kavanagh
Fennell.
It was the worst trading performance for the retail industry
since the financial crisis began five years ago, according to the
bankruptcy data specialist, Independent.ie states.
According to company statistics provider Vision-net, five
companies a day were declared insolvent in March alone,
Independent.ie notes. However, the 120 insolvencies recorded was
still 9% less than in March of last year, Independent.ie says.
Vision-net says 62 of these were liquidated, 54 entered
receivership, and an examiner was appointed to four companies,
according to Independent.ie.
The tally includes seven examinerships so far this year,
Independent.ie discloses.
Another sign of economic stress is evident court orders relating
to unpaid debt, Independent.ie states. According to
Independent.ie, more than EUR81 million has been awarded by the
courts to creditors over unpaid debts since the start of the
year.
=========
I T A L Y
=========
BANCA MONTE: Posts EUR1.59-Bil. Loss as Bad Loan Provisions Rise
----------------------------------------------------------------
Sonia Sirletti at Bloomberg News reports that Banca Monte dei
Paschi di Siena SpA, Italy's third biggest bank, reported a third
straight quarterly loss, missing analysts estimates, on soaring
bad-loan provisions and lower income from lending.
According to Bloomberg, the Siena-based lender said in a
statement on Thursday that the net loss of EUR1.59 billion (US$2
billion) in the fourth quarter compared with a loss of EUR5
billion a year earlier, when the bank wrote down goodwill related
to acquisitions. That missed the EUR686.3 million loss estimated
by 11 analysts surveyed by Bloomberg.
Monte Paschi, engulfed by investigations of its former managers,
is selling assets, cutting costs and reducing risks to return to
profit, Bloomberg discloses.
Chief Executive Officer Fabrizio Viola and Chairman Alessandro
Profumo, appointed last year to turn around the 541-year-old
bank, are trying to regain confidence of investors after the
lender was forced to seek a second state rescue in four years and
to take a EUR730 million hit linked to derivative contracts,
Bloomberg notes.
"The bank will likely need more help going forward, as its bad
loans continue to rise, and its operating profits struggle,"
Bloomberg quotes Alberto Gallo, head of European credit research
at Royal Bank of Scotland Group Plc, as saying.
Loan-loss provisions increased to EUR1.37 billion in the quarter
from EUR464 million a year earlier, Bloomberg discloses. Revenue
declined 37% to EUR778.3 million, hurt by a net interest income
drop of 52% to EUR434.5 million, Bloomberg says.
Bloomberg relates that the new management said in June it would
strengthen finances by selling its leasing and consumer credit
units, closing 400 branches and eliminating 4,600 jobs by 2015.
The revised plan has to be submitted to the European Banking
Authority (BMPS) by June, Bloomberg states.
Banca Monte dei Paschi di Siena SpA -- http://www.mps.it/-- is
an Italy-based company engaged in the banking sector. It
provides traditional banking services, asset management and
private banking, including life insurance, pension funds and
investment trusts. In addition, it offers investment banking,
including project finance, merchant banking and financial
advisory services. The Company comprises more than 3,000
branches, and a structure of channels of distribution. Banca
Monte dei Paschi di Siena Group has subsidiaries located
throughout Italy, Europe, America, Asia and North Africa. It has
numerous subsidiaries, including Mps Sim SpA, MPS Capital
Services Banca per le Imprese SpA, MPS Banca Personale SpA, Banca
Toscana SpA, Monte Paschi Ireland Ltd. and Banca MP Belgio SpA.
* * *
As reported by the Troubled Company Reporter-Europe on Feb. 4,
2013, Standard & Poor's Ratings Services said that it lowered its
long-term counterparty credit rating on Italy-based Banca Monte
dei Paschi di Siena SpA (MPS) to 'BB' from 'BB+'. S&P also
lowered its rating on MPS' Lower Tier 2 subordinated notes to
'CCC+' from 'B-'. These ratings remain on CreditWatch, where S&P
originally placed them with negative implications on Dec. 5,
2012. S&P lowered the ratings on MPS' junior subordinated debt
to 'CCC' from 'CCC+' and on its preferred stock to 'CCC-' from
'CCC'. S&P also placed these ratings on CreditWatch with
negative implications. S&P affirmed its 'B' short-term
counterparty credit rating on the bank. The downgrade follows
MPS' recent announcement related to the investigation of
potential losses on three structured transactions.
PRELIOS: Approves EUR561-Mil. Debt Restructuring Plan
-----------------------------------------------------
Jennifer Clark at Reuters reports that Prelios said on Wednesday
it approved a EUR561 million (US$717 million) debt restructuring
plan, as well as a EUR185 million capital increase.
According to Reuters, the heavily indebted company manages
properties in Italy and Germany and has been hit hard by
writedowns on real estate investments in its recession-hit home
market.
Reuters relates that Prelios said its net loss for 2012 was
EUR241.7 million, compared to a loss of EUR289.6 million in 2011,
as a result of real estate writedowns and restructuring costs.
Prelios also approved a new 2012-2016 business plan, Reuters
discloses.
Prelios is an Italian real estate management company.
* ITALY: Fitch Says Insurers Face Contrasting Fortunes
------------------------------------------------------
Fitch Ratings says in a newly-published comment that Italian
insurers have experienced contrasting fortunes since 2009, with
winners and losers emerging through a process of natural
selection in a period of financial stress.
Fitch expects pressure on premium income to continue throughout
2013 as the deep recession and austerity measures in Italy
squeeze households' disposable income. In the life market, low
bond yields are reducing the investment guarantees that insurers
can offer, making their savings products less attractive to
customers. In the non-life market, Fitch expects motor premium
rates to flatten in 2013.
The greatest risk to Italian insurers' credit quality is the
eurozone debt crisis. As long as spreads on Italian sovereign
debt remain volatile, the profitability of life insurers in
particular will also be volatile.
The comment "Italian Insurance: Headwinds Continue Contrasting
Fortunes in a Stagnant Market" is available at
www.fitchratings.com or by clicking on the link above.
===================
K A Z A K H S T A N
===================
IC ALLIANCE-LIFE: Fitch Assigns 'B' IFS Rating; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned Kazakhstan-based IC Alliance-Life
Insurance JSC (Alliance-Life) an Insurer Financial Strength (IFS)
rating of 'B' and a National IFS rating of 'BB(kaz)'. The
Outlooks are Stable.
Key Rating Drivers
The ratings reflect a high concentration of Alliance-Life's
insurance portfolio in annuity business, negative net income in
2012 and the company's short track record of operations, as well
as the low credit quality of its investment portfolio. More
positively, the ratings also take into account the shareholder
support of KZT1 billion provided in 2012 and the resulting
satisfactory level of capitalization.
Alliance-Life's insurance portfolio is significantly
concentrated, with 78% of total gross written premiums (GWP) in
annuity business in 2012. Fitch believes that this concentration
makes Alliance-Life's capital particularly vulnerable to
longevity and interest rate risks inherent in annuity-type
products and limits the company's risk diversification. Fitch's
concerns are exacerbated by the short track record of the
company's operations, limited availability of mortality
statistics and scarce investment opportunities in Kazakhstan. In
particular, there is a significant duration mismatch between the
assets and liabilities, due to the lack of suitable long-duration
bonds.
Alliance-Life reported a net loss of KZT1 billion in 2012, for
the most part caused by a one-off technical reserve adjustment
and increase in the administrative expenses, as the company
invested in the development of new insurance products. The
company does not expect net income to be positive in 2013.
In 2012 the company received capital injections totaling around
KZT1 billion from its shareholders, which helped to maintain its
equity at KZT1.4 billion at end-2012 (end-2011: KZT1.4 billion).
The main reason for the re-capitalization was to cover the
reserving deficiencies, as revealed by internal actuarial
calculations. Fitch understands the insurance reserve increase
was necessary because of the change in statutory requirements for
the discount rate to be used. Fitch views the capital injections
positively and considers them to be evidence of the shareholder's
willingness to support the company.
The reserving deficiency was reflected in the fall in Alliance-
Life's statutory solvency margin cover to 49% at end-5M12. The
solvency margin remained under 100% until Q412, when a tranche of
KZT0.7 billion of capital was injected. After the capital
injection, the statutory solvency margin recovered and stood at
110% at end-2012. Following the capital injections, based on
Fitch's own internal assessment, Alliance-Life's risk-adjusted
capital position at end-2012 is in line with its ratings.
The quality of Alliance-Life's invested assets is relatively low,
with significant holdings of below-investment-grade debt, in
common with Kazakhstani insurers generally. The level of
diversification is also low, with the majority of assets
concentrated in the Kazakhstani banking sector. However, the
liquidity profile of these investments is satisfactory.
Rating Sensitivities
Fitch would view a material decline in Alliance-Life's risk-
adjusted capitalization or a sustained fall in its statutory
solvency margin below 100% as triggers for a downgrade. Any
indication that the shareholder would not be willing to support
Alliance-Life would also be viewed negatively for the ratings.
Alliance-Life's ratings could be upgraded if the company's
insurance portfolio becomes materially less concentrated, or if
it proves its ability to generate sustainable profit. However,
Fitch does not expect to see such developments in the near term.
=====================
N E T H E R L A N D S
=====================
AEG POWER: S&P Cuts Corp. Credit Rating to 'CCC+'; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered its long-
term corporate credit rating on Netherlands-based power solutions
provider AEG Power Solutions B.V. to 'CCC+' from 'B-'. The
outlook is negative.
The downgrade follows a combination of unfavorable factors that
have negatively affected AEG Power Solutions' operating
performance. Preliminary results for 2012 are weaker than S&P
forecasts in its base case, with EUR18 million of reported EBITDA
being materially lower than S&P's projection of more than
EUR30 million. In addition, cash outflow for the year was about
EUR40 million, more than double S&P's forecast of negative free
operating cash flow of EUR16 million. This level of earnings and
cash generation resulted in weaker credit ratios than S&P
anticipated. S&P is therefore revising its assessment of AEG
Power Solutions' financial risk profile to "highly leveraged"
from "aggressive." The company has also delayed the release of
its detailed year-end financial statements.
In addition, AEG Power Solutions has reported that as of Dec. 31,
2012, it has not received a due payment from a major customer
that has centralized its procurement through a Cypriot
subsidiary. As of Dec. 31, 2012, this customer represented 37.5%
of AEG Power Solutions' EUR124.5 million of receivables (the
related past due amount has been fully reserved for in the
accounts and totaled EUR8.5 million). In S&P's opinion, and as
management has acknowledged, a failure to collect a material
payment could pose a significant financial difficulty for AEG
Power Solutions. If such a situation were to occur, AEG Power
Solutions' credit quality could deteriorate further, in S&P's
opinion, and this could result in S&P taking a negative rating
action.
Having said that, management expects to collect the outstanding
amount in full from the aforementioned major customer and to
maintain its strong business relationship with this customer.
However, in S&P's opinion, even if AEG Power Solutions resolves
this issue in accordance with the agreed timetable, S&P
anticipates that the company's earnings in 2013 will be largely
in line with 2012 and as such, will not be sufficient to restore
its credit metrics to a level that S&P sees as commensurate with
its previous 'B-' rating.
There is a one-in-three chance that S&P could take a negative
rating action over the next 12 months if AEG Power Solutions
fails to collect material payments from its major customer or if
its earnings and cash position continue to deteriorate.
Downside risks to AEG Power Solutions' performance in 2013 could
result in the company's credit quality deteriorating further and
liquidity ceasing to qualify as "adequate" under S&P's criteria.
S&P could, for instance, take a negative rating action if it
foresees that cash flow generation will fail to materially
improve from the negative EUR40 million in 2012.
S&P could revise the outlook to stable if AEG Power Solutions'
business position strengthens over the near term. A stable order
intake, a strong contract base, steady revenues, and operating
profitability at least in line with the level in 2012 would be
important factors for an outlook revision. An outlook revision
would also likely depend on funds from operations to debt being
about 10%, alongside neutral to moderately positive free
operating cash flow.
===========
P O L A N D
===========
TVN SA: S&P Affirms 'B+' Corporate Credit Rating; Outlook Stable
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B+' long-term corporate credit rating on Poland-based private TV
broadcaster TVN S.A. The outlook is stable.
At the same time, S&P withdrew its 'B+' issue rating on the
proposed EUR485 million senior unsecured notes that were to be
issued by TVN Finance Corporation III AB.
S&P also affirmed its 'B+' issue rating on the existing
EUR593 million senior unsecured notes due 2017 issued by TVN
Finance Corporation II AB and EUR175 million senior unsecured
notes due 2018 issued by TVN Finance Corporation III.
S&P believes TVN's decision to postpone the refinancing of its
2017 notes should result, all else equal, in lower leverage, as
adjusted by Standard & Poor's, over the next 12 months compared
with the proposed refinancing structure. S&P now believes TVN's
gross adjusted leverage could reach about 5.0x at year-end 2013,
versus S&P's previous forecast of more than 5.5x under the
proposed refinancing. In addition, S&P continues to think that
TVN will generate positive free operating cash flow from 2013,
following the deconsolidation of its pay-TV platform "n".
S&P's forecast of lower leverage reflects its belief that TVN
will pay substantially lower premiums and accrued interest to
repurchase part of the 2017 notes than it would have under its
previously proposed refinancing. Under the company's current
bond indentures, TVN must prepay its existing notes using the net
proceeds of the sale of the Internet portal Onet in 2012.
S&P's base-case scenario continues to reflect its assumption that
Poland's advertising market will contract by a mid-single-digit
percentage in 2013, and that TVN will use about Polish zloty
(PLN) 758 million (about EUR183 million) of the Onet disposal
proceeds to lower debt.
TVN's leading position in TV in Poland, solid profitability in
free-to-air TV, and adequate programming cost control through
own-content production support S&P's assessment of TVN's business
risk profile as "fair." TVN also operates in one of the European
economies least-affected by the recent recession.
The stable outlook reflects S&P's view that TVN's adjusted gross
leverage, under S&P's base-case scenario, will improve to about
5x by year-end 2013 as the company uses the proceeds of its Onet
disposal to reduce debt. S&P views this ratio as commensurate
with the 'B+' rating.
S&P could consider a negative rating action if TVN's operating
performance declined significantly below its current forecast of
approximately PLN500 million EBITDA in 2013. S&P could consider
an upgrade if TVN reported sustainable and positive cash flow,
resulting in adjusted FFO to debt of more than 15% and adjusted
gross debt to EBITDA of less than 4.5x on a sustainable basis.
===============
P O R T U G A L
===============
HIPOTOTTA NO. 7: S&P Lowers Rating on Class D Notes to 'B+'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered and removed from
CreditWatch negative its credit ratings on HipoTotta No. 7 Ltd.'s
class A2 and B notes. At the same time, S&P has lowered its
ratings on the class C and D notes, and has affirmed its ratings
on the class E and F notes.
The rating actions reflect S&P's credit and cash flow analysis,
and the application of its Portuguese residential mortgage-backed
securities (RMBS) criteria, 2012 counterparty criteria, and
nonsovereign ratings criteria.
In accordance with S&P's nonsovereign ratings criteria, the
maximum rating differential between Portuguese issuers or
transactions and the related sovereign rating on the Republic of
Portugal is five notches. Given that S&P's long-term sovereign
credit rating on the Republic of Portugal is 'BB', under S&P's
criteria, the ratings on the notes in structured finance
transactions backed by Portuguese assets should be no higher than
'A-'.
In S&P's opinion, the increased country risk in Portugal, which
has resulted from the economic recession and rising unemployment,
has reduced both the ability and willingness of obligors to repay
their debts. To absorb this increased credit risk, S&P believes
that structured finance notes should be able to withstand losses
that would be at least 1.3 times the initial loss expectations
for each rating level. S&P has adjusted its weighted-average
foreclosure frequency (WAFF) and weighted-average loss severity
(WALS) calculations accordingly, to reflect this risk.
In HipoTotta No. 7, all borrowers pay into a proceeds account
held with Banco Santander Totta S.A. (BB/Stable/B). Although
losses on this account should not occur and are protected by
Portuguese securitization law, S&P has applied a liquidity stress
of one month's principal and interest collections.
"On Oct. 19, 2012, we placed our ratings on HipoTotta No. 7's
class A2 and B notes on CreditWatch negative following our Oct.
15 downgrade of the swap provider, Banco Santander S.A.
(BBB/Negative/A-2). As the swap documentation does not comply
with our 2012 counterparty criteria and the swap provider did not
take remedy actions following the breach of the rating
replacement trigger, we have conducted our analysis both with and
without giving benefit to the swap. This analysis determines if
the notes can achieve a rating higher than our long-term issuer
credit rating (ICR) on the swap provider if we do not give
benefit to the swap, therefore delinking our ratings on the notes
from our long-term ICR on the swap provider," S&P said.
Although arrears remain relatively low, given the process of
writing off loans more than 18 months in arrears, S&P's WAFF and
WALS have increased since its previous review. This increase is
largely due to house price declines, which is demonstrated by
HipoTotta No. 7's higher stressed weighted-average loan-to-value
ratio (96%) than those observed in earlier HipoTotta deals. S&P
has applied haircuts to the valuations based on observed declines
in the Portuguese house price index since the weighted-average
origination date. This has contributed to an increased WAFF and
WALS in the transaction, although it has seen a larger relative
increase (than in earlier HipoTotta transactions) given the
decline in property prices observed since the weighted-average
origination date.
The increase in WAFF and WALS levels has not been met by a
corresponding increase in credit enhancement. The build-up of
credit enhancement has been curtailed by successive drawings on
the reserve fund on each of the last three interest payment
dates. Therefore, when S&P considers HipoTotta No. 7 without the
benefit of the interest rate swap, the current ratings on the
notes cannot be maintained. Given that the swap agreement does
not comply with S&P's 2012 counterparty criteria and as the swap
provider has not complied with its obligation to post collateral
upon loss of the required rating, S&P has capped its ratings on
the notes in this transaction at 'BBB' (the long-term issuer
credit rating on Banco Santander). As such, and based on the
outcome of S&P's cash flow analysis, it has lowered to 'BBB (sf)'
from 'A- (sf)' and removed from CreditWatch negative its rating
on HipoTotta No. 7's class A2 notes, and lowered to 'BBB- (sf)'
from 'A- (sf)' and removed from CreditWatch negative its rating
on the class B notes.
The class C and D notes cannot maintain their current ratings as
the transaction's structural features do not sufficiently
mitigate the increased WAFF and WALS. S&P has therefore lowered
its ratings on the class C notes to 'BB (sf)' from 'BBB- (sf)'
and on the class D notes to 'B+ (sf)' from 'BB- (sf)'. In line
with S&P's rating definitions, it has also affirmed its 'B (sf)'
ratings on the class E notes as it do not expect any interest
shortfalls on this class of notes in the immediate future.
The class F notes, which were used at closing to fund the cash
reserve, are paid through excess spread at the bottom of the
priority of payments. As S&P still anticipates that the class F
notes will default at some point in the future, given the
prevailing economic conditions in the Portuguese market, S&P
has affirmed its 'CCC- (sf)' rating on the class F notes.
HipoTotta No. 7 is an RMBS transaction backed by Portuguese
residential mortgages originated by Banco Santander Totta.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.
The Rule applies to in-scope securities initially rated
(including preliminary ratings) on or after Sept. 26, 2011. If
applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
Class Rating Rating
To From
HipoTotta No. 7 Ltd.
EUR2.02 Billion Mortgage-Backed Floating-Rate Notes and Variable-
Rate Notes
Ratings Lowered and Removed From CreditWatch Negative
A2 BBB (sf) A- (sf)/Watch Neg
B BBB- (sf) A- (sf)/Watch Neg
Ratings Lowered
C BB (sf) BBB- (sf)
D B+ (sf) BB- (sf)
Ratings Affirmed
E B (sf)
F CCC- (sf)
LUSITANO MORTGAGES 6: S&P Cuts Rating on Class E Notes to 'CCC'
---------------------------------------------------------------
Standard & Poor's Ratings Services has taken various credit
rating actions in Lusitano Mortgages No. 5 PLC, Lusitano
Mortgages No. 6 Ltd., and Lusitano Mortgages No. 7 Ltd.
Specifically, S&P has affirmed its rating on:
-- Lusitano Mortgages No. 5's class A notes and lowered its
ratings on the class B, C, and D notes;
-- Lusitano Mortgages No. 6's class A notes and lowered its
ratings on the class B, C, D, and E notes; and
-- Lusitano Mortgages No. 7's class A and B notes.
The rating actions follow S&P's credit and cash flow analysis of
the most recent information that it has received for the
transactions and the application of its relevant criteria. S&P
also consider that the application of its 2012 counterparty
criteria did not constrain its ratings in these Lusitano
Mortgages transactions.
S&P's non-sovereign ratings criteria cap the maximum potential
ratings in structured finance transactions at five notches above
the rating on the sovereign in which the securitized assets are
based. Therefore, S&P's non-sovereign ratings criteria cap at
'A- (sf)' its ratings in Portuguese RMBS transactions, including
the Lusitano Mortgages transactions -- five notches above the
rating on Portugal (BB/Stable/B). The Lusitano Mortgages
transactions are exposed to country risk because of the 100%
concentration of the securitized assets in Portugal.
In S&P's opinion, the recession and rising unemployment
associated with increased country risk may affect obligors'
ability to pay the amounts due under the mortgages, contracted
with the originator and servicer of these loans. To account for
this increased country risk, S&P has incorporated a 30%
adjustment to the portfolio's weighted-average foreclosure
frequency (WAFF) in its analysis, following S&P's revised
assessment of Portuguese country risk on March 7, 2012.
Following the incorporation of increased country risk in S&P's
credit analysis and following the application of its Portuguese
residential mortgage-backed securities (RMBS) criteria, S&P has
observed an increase in the WAFF at all rating levels in all
three transactions due to increasing arrears and its forecast for
credit performance. The WALS (weighted-average loss severity)
has increased at all rating levels in all three transactions due
to the ongoing decline in Portuguese house prices.
LUSITANO MORTGAGES NO. 5
This transaction is currently undercollateralized by
EUR4,039,706.80, as its credit quality has deteriorated over the
past year. The reserve fund has been depleted since October
2012. Interest has not been paid to the class E noteholders since
April 2010 due to credit quality deterioration and outstanding
amounts in the principal deficiency ledger (PDL). Accordingly,
the credit enhancement for all of the notes in this transaction
has decreased since S&P's previous review, as the level of
available proceeds in the transaction has decreased further.
Taking into the account S&P's revised credit assumptions and its
opinion of the transaction's structural features, it has affirmed
its 'A- (sf)' rating on the class A notes because the level of
credit enhancement available to these notes mitigates the effect
of asset undercollateralization in the transaction. At the same
time, S&P has lowered its ratings on the class B, C, and D notes
due to the decrease in the level of credit enhancement available
to these classes of notes.
LUSITANO MORTGAGES NO. 6
This transaction is currently undercollateralized by
EUR4,967,673.29, as its credit quality has deteriorated over the
past year. The reserve fund has been depleted in September 2012,
and this transaction has not been able to generate enough excess
spread to pay the class F notes' interest since December 2008.
S&P has affirmed its 'A- (sf)' rating on the class A notes
because the level of credit enhancement available to these notes
mitigates the effect of asset undercollateralization.
At the same time, S&P has lowered its ratings on the class B, C,
and D notes due to the decrease in credit enhancement since its
previous review, as the transaction is currently
undercollateralized.
S&P has lowered to 'CCC (sf)' from 'B- (sf)' its rating on the
class E notes because the gross default cumulative ratio has
increased by 1.31 percentage points to 6.47% since November 2011.
In light of this increase, S&P expects this ratio to reach the 8%
trigger for the class E notes within 12 to 18 months. If this
occurs, the interest due on these notes will be subordinate to
the PDL under the transaction documents. The issuer did not cure
the PDL on the past two interest payment dates and the reserve
fund has been fully drawn. Therefore, if these conditions do not
change, the class E notes will default if the gross default
cumulative ratio trigger reaches 8% in 12 to 18 months.
LUSITANO MORTGAGES NO. 7
In this transaction, the level of 90+ days arrears increased over
the past year and it is not able to generate sufficient excess
spread to clear the PDL balance.
Under the transaction documents, the reserve fund is at its
target level. The reserve fund can be used to pay items senior
to -- and including --the class A and B notes' interest.
Despite the increase in the level of credit coverage required
under the transaction documents, the actual current level of
credit enhancement in this transaction is still sufficient to
support the currently assigned ratings on the class A and B
notes. S&P has therefore affirmed its ratings on the class A and
B notes.
Lusitano Mortgages No. 5, 6, and 7 are Portuguese RMBS
transactions that closed between 2006 and 2008. The transactions
securitize first-ranking mortgages originated by Banco Espirito
Santo S.A.).
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 Rating
To From
Lusitano Mortgages No. 5 PLC
EUR1.412 Billion Mortgage-Backed Floating-Rate Notes
Rating Affirmed
A A- (sf)
Ratings Lowered
B BBB- (sf) A- (sf)
C B (sf) BB+ (sf)
D B- (sf) B+ (sf)
Lusitano Mortgages No. 6 Ltd.
EUR1.122 Billion Mortgage-Backed Floating-Rate notes
Rating Affirmed
A A- (sf)
Ratings Lowered
B BBB- (sf) A- (sf)
C BB (sf) A- (sf)
D B (sf) BB (sf)
E CCC (sf) B- (sf)
Lusitano Mortgages No. 7 Ltd.
EUR1.957 Billion Mortgage-Backed Floating-Rate notes
Ratings Affirmed
A A- (sf)
B BB- (sf)
===========
R U S S I A
===========
EVRAZ GROUP: Highveld Stake Disposal No Impact on Ba3 CFR
---------------------------------------------------------
Moody's Investors Service said that it views as credit positive
for Evraz Group S.A. ('Evraz'; Ba3 stable) the announcement by
EVRAZ plc that it has signed a non-binding term sheet in respect
of the proposed sale of its 85% stake in EVRAZ Highveld Steel and
Vanadium Limited.
The transaction does not have immediate credit implications for
the rating or outlook of Evraz, given the uncertainty surrounding
current industry conditions, including weak steel demand. The
transaction is expected to close by the end of June 2013 and is
subject to standard due diligence procedures, the conclusion of a
formal agreement and the receipt of regulatory approvals.
On March 27, 2013, EVRAZ plc. announced that it had signed the
non-binding term sheet in respect of the proposed sale of its 85%
stake in EVRAZ Highveld to Nemascore (Pty) Ltd (unrated), a black
economic empowerment consortium, for an indicative cash
consideration of approximately US$320 million.
The disposal is credit positive for Evraz for the following
reasons:
1. Operations at EVRAZ Highveld were disrupted for several weeks
in July and August 2012, when 2,300 workers went on strike in a
dispute over scheduling changes. The strike contributed to
decreased output at EVRAZ Highveld in 2012 (the output of steel
products decreased by 18% year-on-year; production of vanadium
slag fell by 21%).
2. EVRAZ Highveld had indirect and rather limited impact on
ferrovanadium operations of the company as it produced only
vanadium slag, which was further processed, mostly by third
parties, into ferrovanadium products. Vanadium product revenues
in Africa stood at just US$4 million in H1 2012. Despite upward
adjustment in prices for ferrovanadium in December 2012 to almost
US$27/kilogram (price per kilogram of vanadium contained in
ferrovanadium), prices are likely to remain under pressure in
2013 due to weakness in end user steel market, which is in
structural overcapacity globally. Average prices for
ferrovanadium in 2012 were about US$24/kilogram (2011:
US$27.7/kilogram).
3. The company remains exposed to ferrovanadium via its
subsidiaries in Russia, South Africa and the Czech Republic,
where production of ferrovanadium increased by 15% in 2012
compared with 2011 and where plants are working at maximum
capacity.
4. Evraz will continue its operations in South Africa through its
Vametco plant which processes vanadium slag and vanadium-rich ore
into final products. The Evraz's operations in South Africa took
EBITDA losses of US$6 million in the first six months of 2012
(first six months of 2011: US$29 million positive EBITDA). In
2012 EVRAZ Highveld generated about US$97 million losses before
tax and therefore had a dilutive effect on profitability of the
company in general and its Russian and US operations in
particular.
5. There is a limited level of synergy between EVRAZ Highveld and
Evraz's other steel operations, mainly located in Russia, the US
and Europe. EVRAZ Highveld generated steel product sales in
Africa in H1 2012 of only around 275 thousand tons. Sales in
Africa generated only around 3% of Evraz's total revenue in H1
2012.
6. The transaction would indicatively add around US$320 million
to Evraz plc's cash balances, which stood at around US$1.8
billion as of June 30, 2012, improving the company's solid cash
cushion. The company's leverage, as measured by Moody's-adjusted
gross debt/EBITDA, stood at 3.47x as of June 30, 2012.
Evraz is one of the largest vertically integrated steel, mining
and vanadium companies. The company has a number of investment
projects under way to raise its iron ore and coal output and
increase efficiency of steel-making.
GAZPROM-MEDIA: Fitch Publishes 'BB' Issuer Default Rating
---------------------------------------------------------
Fitch Ratings has published Gazprom-Media Holding's Long-term
Issuer Default Rating (IDR) of 'BB' with a Stable Outlook.
GMPH is a diversified media company, with most revenues and
EBITDA generated by its two free-to-air channels, NTV and TNT.
The company's operating profile is strong for the rating level
and its current net cash position is a positive factor for its
creditworthiness. However, this is overlaid by management's
relatively high potential leverage tolerance of up to 2.0x-2.5x
net debt/EBITDA and no clarity over the company's longer-term
capital structure and dividend policy.
KEY RATING DRIVERS
- Strong Competitive Positions
GPMH holds a solid position in the Russian TV landscape and in
terms of audience share its TV channels typically perform better
than their direct competitors. In the mid to long term the TV
advertising market is likely to slow down but Fitch expects at
least mid-single digit growth.
- High Dependence on Ad Revenues
GPMH is highly dependent on ad revenues, which accounted for 80%
of the total in 2012. This reliance will continue, in line with
its Western European peers. The NTV+ subsidiary provides some
revenue diversification for GPMH, but it is considered subscale
and its low profitability has a an overall dilutive effect on
group margins.
- Proven Resilience in a Downturn
GPMH's business proved to be reasonably resilient in a downturn
which is a positive. As demonstrated in 2008-09, in the case of a
macroeconomic contraction, GPMH's ability to overcome market
conditions and preserve EBITDA margins and free cash flow
generation was at a good level both in absolute terms and
compared with European peers. The solid net cash position allowed
it to survive the crisis better than competitors, which Fitch
considers positive.
The Russian TV market shrank by 18% yoy in 2009 but the company
was able to mitigate the negative impact through a number of
cost-cutting initiatives. Fitch expects that the company would be
able to promptly respond to any revenue problems by downsizing
its cost base. This flexibility is provided, among other things,
by a relatively low reliance on foreign content, which Fitch
estimates at below 15% of the total.
- Volatile Russian Ad Market
Overall, the Russian ad and, specifically, TV ad market
demonstrated higher volatility than key European markets in the
downturn following the 2009 financial crisis. Relatively higher
Russian market volatility is likely to be a persistent factor. A
significant amount of ad revenues comes from large international
groups that tend to quickly de-emphasize emerging market exposure
at distressed times.
-Internet and Structural Market Shifts
Fitch notes that the continuing rise of the Internet as a media
platform in Russia has not been disruptive so far. TV advertising
market share experienced a fairly modest decline to 48.4% in 2012
from 52% in 2009 mitigated by ad inflation. However, continuing
Internet expansion and structural changes in the TV market such
as wider proliferation of niche channels and fragmented
viewership are considered a longer-term threat. If these led to a
significant decline in viewership and/or ad market shares, it
could lead to negative rating action.
- Reasonable Control Over Content
Fitch views GMPH's content strategy as reasonably balanced with
an appropriate mixture of internally-produced and outsourced
content. Growing dependence on any single external content
producer may become an issue and would be viewed as credit
negative although not necessarily leading to negative rating
action. A good degree of content flexibility is provided by the
company's long pipeline of contracted content production
sufficient to cover over three years of operations.
- Parential Support Not Factored Into Ratings
GPMH group is 100% owned by Gazprombank ('BBB-'/Stable). Fitch
believes that a media group cannot be viewed as a strategic asset
for a bank, and therefore does not factor any up-notching for
parental support. A sale of GPMH would be viewed as event risk,
but the impact of a new shareholder may be limited if GPMH's
leverage does not exceed 1.2x net debt/EBITDA.
- Healthy EBITDA Margins, Strong Liquidity
GPMH has been strongly FCF generative on the back of healthy
EBITDA margins -- at above 20% on average in 2010-2012. Fitch
expects strong FCF generation to continue. FCF will be
temporarily pressured by investments into a new TV studio center,
but we estimate that FCF is unlikely to drop to below RUB4.5
billion over this period. Pre-dividend FCF margin was 18% in
2012, which is strong for the rating category. The company
benefits from a large cash position of RUB16.8 billion on its
balance sheet at end-2012. This is held as cash and deposits with
the company's shareholder, Gaprombank.
Rating Sensitivities
Although not considered an imminent risk, structural changes in
the TV market such as fragmenting TV audience or a growing share
of ad revenues diverting to Internet could weaken GPMH's
leadership and pricing power.
- A significant decline in viewership share/TV ad market share
would be rating negative.
- A leverage increase to above 1.2x net debt/EBITDA on a
sustained basis might be negative.
- A stronger commitment to maintain net leverage at or below 1x
net debt/EBITDA and more clarity on the targeted capital
structure/dividend policy would be credit positive.
Full List of Rating Actions
Long-Term IDR: published at 'BB', Outlook Stable
National Long-Term Rating: assigned at 'AA-(rus)', Outlook
Stable
=========
S P A I N
=========
ABS TDA: S&P Lowers Rating on Class C Notes to 'CCC-'
-----------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
TDA Pastor Consumo 1, FTA's class B and C notes for credit
reasons. At the same time, S&P has raised its rating on the
class A notes.
The transaction has paid down significantly, and the outstanding
portfolio balance at the end of February 2013 was 8.16% of the
original balance.
The collateral in this transaction comprises unsecured loans
Banco Pastor S.A. granted to Spanish residents to buy consumer
goods and services between 1999 and 2007. The revolving period
was initially scheduled to last for two years from the closing
date, but, as required by the transaction documents, it was
terminated early in October 2008 when the level of assets in
arrears for more than 90 days reached the documented 2.25%
trigger level.
Based on the latest available investor report from the trustee
(dated February 2013), long-term delinquent loans (defined in
this transaction as loans in arrears for between three and 18
months) accounted for 7.98% of the outstanding portfolio
Balance -- compared with 5.49% of the outstanding portfolio
balance according to the July 2011 investor report
As of February 2013, cumulative defaults had increased to 6.02%
of the original balance, compared with 4.86% in July 2011.
Although this increase has not reached the most junior class of
notes' interest deferral trigger (set at 7.5% in the transaction
documents), it shows that the pool's performance has
deteriorated.
Long-term delinquencies have continued to roll into defaults,
since S&P's last review. S&P has increased its baseline default
rate for the outstanding securitized portfolio. This reflects
the deteriorating performance observed so far and S&P's opinion
of increasing uncertainty around future macroeconomic
performance. S&P analyzed the credit risk by applying its
"European Consumer Finance Criteria," published on March 10,
2000.
Due to this increase in defaults, associated with a lack of
recoveries, the level of performing collateral available to the
transaction to service the amounts due under the notes is
reduced.
As of the last interest payment date (January 2013), the
transaction had accumulated EUR7.8 million of principal
deficiency, which is the difference between the available
remaining principal receipts and the balance of the notes still
to be amortized, compared with EUR7.2 million in July 2011.
The paydown of the assets has led to a high level of note
amortization, which has in turn resulted in the level of credit
enhancement increasing for the class A notes. However, the full
depletion of the transaction's reserve fund since January 2010
has somewhat reduced the benefit of this increased support.
Since then, the reserve fund has not been replenished because the
performing collateral balance has decreased.
S&P's cash flow analysis indicates that the available credit
enhancement for the class A notes has built up to the extent that
they can now support higher ratings. S&P has therefore raised to
'BB (sf)' from 'BB- (sf)' its rating on the class A notes.
Although the level of credit enhancement that the performing
balance provides is positive for the class A and B notes, it is
negative for the class C notes. As a result, there is
insufficient performing collateral available to fully repay the
class C notes' principal amount outstanding, which is
undercollateralized by 74% of the outstanding balance. S&P has
therefore lowered its rating on the class C notes to 'CCC- (sf)'
from 'CCC (sf)', to reflect its opinion that the issuer is
unlikely to pay principal due at maturity on this class of notes.
S&P's ratings on the notes in this transaction address the timely
payment of interest due under the rated notes, and ultimate
payment of principal at maturity of the rated notes.
Based on S&P's review of its revised default and recovery
assumptions and taking into account the reduced credit support
available to the rated notes in the capital structure, S&P's cash
flow analysis indicates that the available credit enhancement for
the class B notes is commensurate with a 'B- (sf)' rating. S&P
has therefore lowered to 'B- (sf)' from 'B (sf)' its rating on
the class B notes. However, S&P believes that this class of
notes is not vulnerable to nonpayment of interest in the short
term.
S&P has also applied its credit stability criteria to its
analysis in order to factor in the likelihood of the underlying
portfolio experiencing unusually large adverse movements in its
credit quality under conditions of moderate stress
This transaction features Cecabank S.A. (BB+/Negative/B) as swap
provider. Cecabank is a newly created commercial bank, which has
replaced Confederacion Espanola de Cajas de Ahorros (CECA) as the
swap provider. Under S&P's 2012 counterparty criteria, as the
swap counterparty has not taken remedy actions since its March
2012 downgrade of Cecabank (at the time, CECA) to below the level
required under the transaction documents, S&P's ratings on the
notes in this transaction are capped at its 'BB+' long-term
issuer credit rating (ICR) on Cecabank. However, as all of S&P's
ratings on the notes in this transaction are currently below its
'BB+' long-term ICR on the swap provider, for performance
reasons, this cap does not currently constrain S&P's ratings in
this transaction.
S&P's ratings on the notes in this transaction are not
constrained by its ratings on the treasury account provider and
paying agent. The Spanish branch of Barclays Bank PLC has
replaced Banco Santander as treasury account provider and paying
agent. Under S&P's 2012 counterparty criteria, it considers
Barclays Bank (A/Negative/A-1) to be an eligible counterparty at
the current rating levels on the notes.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATINGS LIST
TDA Pastor Consumo 1, FTA
EUR300 Million Asset-Backed Floating-Rate Notes
Class Rating Rating
To From
Rating Raised
A BB (sf) BB- (sf)
Ratings Lowered
B B- (sf) B (sf)
C CCC- (sf) CCC (sf)
NCG BANCO: S&P Assigns 'BB-' Credit Ratings; Outlook Negative
-------------------------------------------------------------
Standard & Poor's Rating Services said that it had assigned its
'BB-' long-term and 'B' short-term counterparty credit ratings to
Spanish bank NCG Banco S.A. The outlook is negative.
The ratings on NCG take into account S&P's assessment of the
bank's weaker business position than more diversified domestic
peers. S&P's assessment also takes into account NCG's
substantial restructuring challenges, which, in S&P's view, will
not be easy to overcome in Spain's tough economic and operating
environment. Under Spanish government control, the restructuring
of the bank includes a strategic reorientation, a reduction of
its operating capacity, and an aggressive downsizing of its
operations outside its core region of Galicia.
Upon completion of the plan, the bank will operate almost
exclusively in Galicia, with a significant regional concentration
of revenues compared with other domestic financial institutions
operating in Spain. However, NCG has a sound market position in
the region, with market shares of 44% in deposits and 34% in
loans. Its retail-oriented business model benefits from a well-
recognized brand and a stable customer deposit base in its home
region. S&P sees the bank's business position as "moderate."
S&P's capital assessment reflects the bank's stretched capital
position at year-end 2012, as reflected by an estimated risk-
adjusted capital (RAC) ratio of 1.9%. The bank is also
noncompliant with minimum regulatory capital ratios: Its core
capital ratio was 4.1% as of Dec. 31, 2012. Still, S&P expects
the ratio to move above the regulatory minimum in 2013.
Following a substantial capital inflow injected by the state in
2012, as the final step of its recapitalization process, NCG will
complete a burden-sharing exercise on its outstanding
subordinated debt and preference shares in the next few weeks.
S&P estimates that this should raise NCG's regulatory capital
ratios by about 645 basis points, pushing up its pro forma Dec.
31, 2012, core capital ratio to 10.5%. This is based on the
completion of the burden-sharing transactions in line with the
stated terms and conditions.
The recapitalization described above, combined with NCG's ongoing
deleveraging and required sale of equity stakes as part of its
restructuring plan, is also likely to benefit S&P's capital
assessment. S&P therefore estimates that its RAC ratio before
diversification and concentration effects for NCG will stand
between 5% and 6% by year-end 2014. S&P is consequently likely
to improve its view of the bank's capital position to "moderate"
from "very weak" once the burden sharing is completed.
"In our opinion, the former savings banks that merged to create
NCG historically had a higher-than-average risk appetite. This
has resulted in accumulation of problem assets and large related
credit losses that materially exceed our estimated average for
the Spanish banking system. Moreover, we believe that the bank's
asset quality will continue deteriorating at a higher pace than
the system average throughout the downturn. We expect the
corporate loan portfolio, which already has weaker asset quality
metrics than the system average, to be most sensitive to the
persistently sluggish economic conditions in Spain. We recognize
that the bank is intensifying its deleveraging efforts as part of
its new business plan, with a special emphasis on real estate
development and corporate loan books. This, however, might
further weaken its borrowers' creditworthiness in the context of
scarceness of alternative funding sources. Given NCG's continued
worse asset quality performance than peers, we assess NCG's risk
position as "weak", S&P said.
NCG's reliance on European Central Bank (ECB) funding has
significantly increased over the past few years, representing
about 20% of total funding on Dec. 31, 2012. The transfer of
assets to SAREB (Spain's "bad bank") resulted in a significant
rebalancing of the bank's financing structure and reduced its
loan-to-deposit ratio to about 110%. Nevertheless, S&P believes
that its dependence on ECB funding remains higher than the
average in Spain and represents a comparative weakness in its
funding structure. S&P thus views NCG funding as "below
average." In S&P's view, the bank maintains adequate liquidity
cushions on its balance sheet, sufficient to cover its short-term
financing needs.
The long-term rating on NCG includes four notches of uplift over
the bank's SACP, which S&P assess as 'ccc+':
-- S&P incorporates two notches to reflect its view that the
extent of short-term capital support the government is
likely to provide to NCG could lead S&P to improve its
assessment on its capital and earnings to "moderate" and
thus to improve the SACP to 'b' from 'ccc+' once the burden
sharing is completed.
-- S&P also adds one notch of short-term support into the
ratings to reflect NCG's ongoing access to ECB funding,
particularly the long-term refinancing operations (LTROs).
In S&P's view, this funding access gives NCG time to
implement plans to rebalance its funding profile to a more
sustainable position by the time the LTROs expire.
Additionally, the ratings benefit from one notch of support
owing to the likelihood of NCG receiving further
extraordinary government support if needed, given its
"moderate" systemic importance within the Spanish financial
system and S&P's view on Spain's "supportive" stance toward
its banking system.
The negative outlook reflects risks resulting from Spain's tough
operating and financial environment, as well as the various
challenges the bank faces, including a potential deterioration of
its business position if the restructuring proves more difficult
than expected or impairs its stability and franchise.
Additionally a downgrade would also be possible if:
-- The bank failed to rebalance its funding profile in line
with S&P's expectations and continued increasing its
reliance on systemic funding.
-- S&P's current ratings on NCG incorporate its belief that
the bank will be able to progressively reduce its reliance
on ECB funding thanks to accelerated asset deleveraging, as
a significant part of its bond portfolio matures before the
LTROs expire.
-- S&P anticipated that additional credit losses in 2013 and
2014 could substantially impair NCG's enhanced capital
position or if lower-than-expected deleveraging did not
support further strengthening of NCG's solvency. A
downgrade would be possible if S&P estimated that the
bank's RAC ratio could decline below 5% by year-end 2014.
-- S&P lowered the sovereign rating on Spain, because it would
no longer incorporate one notch of uplift above the bank's
SACP for extraordinary government support.
S&P currently sees a revision of the outlook to stable as
unlikely. It could be possible if Spain's economy improves, if
the bank is able to restructure its business while preserving its
recently improved financial profile, and if S&P revises its
outlook on its sovereign rating to stable.
===========
T U R K E Y
===========
YUKSEL INSAAT: Fitch Downgrades Issuer Default Rating to 'CCC'
--------------------------------------------------------------
Fitch Ratings has downgraded Ankara-based construction company
Yuksel Insaat A.S.'s Long-term foreign currency Issuer Default
Rating (IDR) and senior unsecured rating to 'CCC', from 'B-' and
removed them from Rating Watch Negative (RWN). Fitch has also
downgraded YI's USD200m outstanding notes, maturing in 2015 to
'CCC' from 'B-'RWN with a Recovery Rating of 'RR4'.
The downgrade reflects Fitch's continued concern about the
company's tight liquidity and inability to access additional
financing for its on-going projects as well as uncertainties on
the company's investments and potential cash injections into
projects.
Key Rating Drivers
Limited Liquidity, Inability To Access Additional Financing:
At end-H112 YI still exceeded the 4:1 bond covenant, which
restricts the company's ability to incur additional debt. Fitch
believes that this limits YI's financial flexibility and has led
to short-term liquidity pressure. Leverage, which is still more
than 4.0x Fitch adjusted gross debt/EBITDAR (5.3x as at end-
2011), caused YI to exceed a 4:1 leverage bond covenant at the
end of 2011.
Fitch believes the company's current cash balances (USD37m) may
not be enough to cover its working capital and financing needs in
2013. However, an improvement in liquidity through asset
disposals or additional cash injections in the short term could
support the ratings.
Izmir Otoyol Refinancing:
Fitch believes an imminent equity cash injection needed for the
Gebze-Izmir highway projects puts pressure on YI's liquidity.
However, YI has stated to Fitch it has no intention of fulfilling
this through its current cash balances, which are needed to cover
working capital needs. YI's ability to make the cash injections
will depend on asset disposal plans and capital injections from
shareholders.
Leading Turkish Construction Company:
The ratings continue to reflect YI's position as one of the main
construction companies in Turkey, focusing on infrastructure
construction contracts, mostly for government entities across
Turkey, and the Middle East and North African region. YI is
therefore well positioned to benefit from the expected growth in
energy demand, as well as the need for improved infrastructure
across many of its end-markets (notably in the Gulf region),
where YI has a well-established presence.
Strong Revenue:
YI's revenue grew strongly between 2008 and 2010. Although awards
for new projects have declined significantly in Turkey since
peaking in 2008, the impact is being partially offset by activity
in YI's other markets. Fitch expects revenue remained broadly
flat in 2012 but will show some improvement in the following
years, whereas EBITDAR margins are expected to decrease towards
9%.
Libya Exposure:
Whilst not a definitive resolution, ongoing concerns with regard
to YI's exposure in Libya may to some extent be mitigated by a
recent agreement between Turkish contractors, including YI and
the Libyan government that YI would receive 50% of the
receivables due to it from 2011in exchange for the recommencement
of works. YI expects to receive USD7m cash from Libya in the
coming weeks.
RATING SENSITIVITIES
Asset Disposal Plans:
Asset disposals and/or an additional capital injection leading to
significant deleveraging and an improved liquidity position could
lead to positive rating action.
Execution of Deleveraging Plans:
Any failure in the deleveraging plan or in providing additional
capital injection from shareholders could put further pressure on
YI's credit profile and result in negative rating action.
LIQUIDITY & DEBT STRUCTURE
Tight Liquidity:
Fitch believes that the USD37m cash balance as of March (USD108m
end-2011) does not provide a comfortable liquidity cushion
against possible economic downturns, delays in advance payments,
increasing working-capital needs or for additional capex.
No Access To Additional Financing:
At end-H112, YI still exceeded the 4:1 bond incurrence leverage
covenant, which restricts the company ability to incur additional
debt. Fitch believes that this limits YI's financial flexibility
and has led to short-term liquidity pressure.
* TURKEY: S&P Raises Long-Term Sovereign Credit Rating to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its unsolicited long-
term foreign currency sovereign credit rating on the Republic of
Turkey to 'BB+' from 'BB'. At the same time, S&P affirmed its
'B' short-term foreign currency rating. S&P raised the local
currency sovereign credit ratings to 'BBB/A-2' from 'BBB-/A-3'.
S&P also raised the long-term Turkey national scale rating to
'trAAA' and affirmed the short-term 'trA-1' rating. The outlook
is stable.
S&P has revised the transfer and convertibility (T&C) assessment
to 'BBB' from 'BBB-'.
"The upgrade reflects our view of a steady and sustained decline
in Turkey's still-sizable net external financing requirements as
export performance has improved amid some deceleration in
domestic demand. During 2012, Turkey's current account deficit
narrowed by 4 percentage points to around 6% of GDP. Economic
growth eased to what we view as a more sustainable level, without
undermining Turkey's relatively strong fiscal performance. In
our opinion, policies limiting foreign currency lending, measures
to cap nominal credit growth, and the benefits of a floating
foreign-exchange regime all facilitate Turkey's external
adjustment. These factors will help the Turkish economy to
adapt, should the external liquidity environment worsen in 2013-
2014," S&P said.
The upgrade also reflects progress made on resolving Kurdish
issues. S&P expects this to be more lasting than previous
efforts: if so, security-related costs would decline and the
regional economy, as well as cross-border trade flows, would be
boosted.
During the second half of 2012, capital inflows recovered while
the Central Bank of the Republic of Turkey adopted a more
accommodative policy stance, which saw annual credit growth
rebound to nearly 20%. S&P expects medium-term policies will
gradually address Turkey's low structural savings rate, and will
limit risks in the financial sector. The latter appears to S&P
to be currently well capitalized, increasingly benefitting from
access to longer dated funding.
However, S&P sees potential risks related to the macroeconomic
policy mix given the upcoming elections: municipal and
presidential in 2014 and parliamentary in 2015. Savings in the
general government deficit in 2012 were mainly due to lower
borrowing costs, rather than any improvement in the primary
position. S&P estimates that the general government primary
position actually weakened from a surplus of 1.4% in 2011 to near
balance in 2012. Although S&P expects the fiscal deficits during
2014-2015 to remain around 2.5% of GDP, the underlying fiscal
stance could weaken further. Historically, economic policies
have tended to prioritize growth, with less focus on its
composition.
S&P expects Turkish GDP to pick up over the coming years,
reflecting a steady expansion of domestic demand and strong
exports. S&P anticipates current account deficits will return to
around 7% of GDP in the next two years, partly reflecting
diminishing gold exports.
S&P believes Turkey's external debt, net of liquid assets, will
remain high at above 100% of current account receipts (CARs).
Although banks and corporations recently issued debt at longer
maturities, external funding remains mostly short term. Should
longer dated debt replace part of the existing short-term
borrowing, Turkey's external liquidity could improve. However,
without a significant increase in foreign reserves or further
narrowing of current account deficits, Turkey's gross external
financing needs (current account payments plus short-term
external debt by residual maturity) are likely to remain high as
a percentage of CARs plus usable reserves in the next few years.
The banking sector's growing dependence on external financing is
partly offset by the high capitalization of the system.
The stable outlook balances the risks related to the country's
large net external liability position against improving economic
and fiscal fundamentals. If fiscal and monetary policies
continue to be implemented independently from electoral
considerations, S&P could raise the ratings further. The
peaceful resolution of the Kurdish issue could also be a credit
positive over the longer term to the extent that it benefits
fiscal and trade performance.
Conversely, should rapid credit growth re-emerge, current account
deficits widen substantially, or external leverage of the Turkish
economy increase, S&P could lower the ratings. S&P could also
consider a downgrade if Turkey faces a more abrupt adjustment
when debt and equity inflows either reverse or become more
costly. Additionally, S&P would consider a downgrade if fiscal
policy were loosened significantly in the context of the upcoming
electoral cycle.
This unsolicited rating(s) was initiated by Standard & Poor's.
It may be based solely on publicly available information and may
or may not involve the participation of the issuer. Standard &
Poor's has used information from sources believed to be reliable
based on standards established in S&P's Credit Ratings
Information and Data Policy but does not guarantee the accuracy,
adequacy, or completeness of any information used.
=============
U K R A I N E
=============
MRIYA AGRO: S&P Assigns 'B' Rating to $350MM Sr. Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its
issue rating of 'B' and recovery rating of '4' to the proposed
US$350 million senior unsecured notes to be issued by Ukrainian
farming company Mriya Agro Holding PLC (Mriya). The recovery
rating of '4' indicates S&P's expectation of average (30%-50%)
recovery prospects for the proposed noteholders in the event of a
payment default.
The 'B' issue and '4' recovery ratings on Mriya's existing senior
unsecured notes remain unchanged.
Mriya will use the proceeds from the proposed issuance to make a
tender offer for part of the existing unsecured notes, repay
other debt obligations, and for additional capital expenditure.
S&P envisage that Mriya would use the proceeds from issuance
above the proposed level primarily to repay existing pari passu
debt.
RECOVERY ANALYSIS
Recovery prospects on the proposed notes are supported by S&P's
view that Mriya would reorganize in the event of a default.
Constraining factors include the significant level of debt claims
that rank contractually or structurally senior to the notes.
S&P's simulated default scenario projects a default in 2015,
owing to a combination of deterioration in operating performance
and an aggressive expansion strategy. This would lead to
negative cash flows and a default in 2015, with EBITDA declining
to about US$95 million.
S&P believes that Mriya would be reorganized in the event of
default, reflecting its position as a large player in the
Ukrainian farming industry, its track record of profitable
growth, and its high-quality farmland and equipment.
S&P values the company at a multiple of 4x EBITDA, leading to a
stressed enterprise value of about US$380 million. From this,
S&P deducts prior-ranking claims comprising enforcement costs and
senior-ranking debt totaling about US$155 million. This leaves a
net enterprise value of US$223 million to meet US$490 million of
senior unsecured debt claims, including outstanding amounts under
the proposed and existing notes. Recovery prospects on both sets
of notes are therefore in the 30%-50% range.
RATINGS LIST
New Rating
Mriya Agro Holding PLC
Senior Unsecured B
Recovery Rating 4
NAFTOGAZ: Fitch Says Gazprom Unlikely to Offer Price Cuts
---------------------------------------------------------
Russia's Gazprom is unlikely to offer significant price
concessions to Naftogaz of Ukraine in the short term, Fitch
Ratings says. This is because of high spot prices for natural gas
in Europe, which are being driven by the continued cold weather.
Gazprom CEO Alexey Miller's recent comments that its prices to
Ukraine are rather moderate compared to current spot prices in
Europe support this view. "We therefore believe that the
prospects for a new gas price agreement between Gazprom and
Naftogaz are limited now unless accompanied by major concessions
from Ukraine," Fitch says.
Russia has been advocating for Ukraine to join the Customs Union,
which currently includes Russia, Kazakhstan and Belarus, and
allow Gazprom to operate or partially own the Ukrainian gas
transit system. In exchange, Russian officials were willing to
reduce the gas price for Ukraine and forgo the US$7 billion bill
for unmet 2012 gas volumes issued under the contractual 'take-or-
pay' provisions.
Ukraine has been pushing hard for gas contract re-negotiations
with Gazprom on volumes and prices since 2009. Current Gazprom
prices for Ukraine are around US$406 per thousand cubic meters
(mcm) of natural gas, and Ukraine estimates that prices will
increase further to US$426 per mcm in Q213. This is below the
spot gas prices in the UK that exceed USD500 per mcm now.
Ukraine has said it wants to reduce the price it pays to Gazprom
to around US$250-US$280 per mcm in H213, which implies a roughly
35% price drop from the current levels. Naftogaz remains a top
customer for Russian gas. In 2012, it bought some 25 billion
cubic meters (bcm) of gas from Gazprom and it plans to reduce the
purchase volumes of Russian gas in 2013 further to some 20bcm.
Fitch states, "We continue to view Naftogaz' financial profile
and liquidity as very weak. In particular, Naftogaz would need to
rely on the government of Ukraine for financial support if it had
to pay the US$7 billion bill from Gazprom. Ukrainian officials
say that the contract provisions limit Ukraine's ability to
terminate agreements early; moreover, Ukraine currently has no
real alternatives to Russian gas.
"Naftogaz recently announced deals to explore shale gas with
Royal Dutch Shell and to build a LNG plant with a western partner
are potentially beneficial to its business profile, as Ukraine
tries to diversify its gas sources away from Russia. However
these projects will take several years to complete. We therefore
do not incorporate any upside from these projects into our
forecast for Naftogaz."
===========================
U N I T E D K I N G D O M
===========================
AQUILA PLC: Fitch Downgrades Rating on Class D Notes to 'D'
-----------------------------------------------------------
Fitch Ratings has downgraded Aquila (Eclipse 2005-1) plc's class
D notes, as follows:
GBP0.0m class D (XS0213760274): downgraded to 'Dsf' from
'CCCsf'; Recovery Estimate RE0%; rating withdrawn
Key Rating Drivers
All classes of notes received principal back in full at the July
2012 interest payment date (IPD). This derived from the
redemption of the sole loan remaining, in light of which this was
also the last IPD in the life of the issuer.
However, revenues in the period to the final IPD proved
insufficient to meet interest on the notes in full for that
period.
Class C noteholders received a partial payment of interest on the
final IPD (July). The small unpaid shortfall for class C notes
was viewed as non-material to the agency's rating opinion and the
class C notes were marked as paid in full (PIF).
In contrast, investors in the class D notes received no interest
on the final IPD, further increasing a partial interest deficit
that had been carried forward from the previous period.
Notwithstanding the full repayment of note principal, Fitch
viewed this as a final payment default on the class D notes. As a
result, the rating has been downgraded to 'Dsf'. This action was
on the basis of the permanent loss of more than one period's
interest payment and the relatively larger size of the interest
shortfall at almost 0.5% of the original note balance. Given the
class D note balance has now been extinguished, the rating has
been withdrawn at the same time.
The interest shortfalls were caused by sharp increases in
absolute issuer costs as the pool paid down. The transaction had
already seen revenue fall below funding costs after successive
sequential principal payments.
The Class E notes were not owed any interest on recent IPDs, as
they were subject to an 'available funds cap', and the notes were
therefore marked as PIF.
JESSOPS PLC: To Reopen Some Stores Three Months After Collapse
--------------------------------------------------------------
RTE News reports that Jessops is to reopen some of its stores,
less than three months after its collapse.
According to RTE, entrepreneur Peter Jones, whose investments
span the food, entertainment and media sectors, will reopen six
Jessops stores this week, with up to 30 more opening next month.
The new operation is a far cry from its previous life -- a
business of 187 stores and more than 1,400 staff, which shut in
January after succumbing to declining markets and online
competition that has forced fellow British retailers such as
Comet and HMV onto the rocks, RTE notes.
Mr. Jones, who becomes chief executive and chairman of Jessops,
paid GBP5 million in January to buy the brand, Web site and
assets from administrators, RTE recounts.
Headquartered in Leicester, United Kingdom, Jessops plc --
http://www.jessops.com/-- is a holding company of a group of
companies whose principal activity is the retail of photographic
products and services. It operates via the Internet and through
mail order and telesales. Jessops plc sells a range of digital
and analogue cameras, digital and analogue camcorders,
binoculars, digital home print solutions, memory cards, film and
photographic materials, as well as a range of accessories for the
photographic market, including its own brand products. The
Company also provides developing and printing, and digital
imaging services. The Company is engaged in the business of
selling branded photographic equipment. Its subsidiaries include
Camera Bond Limited, Camera Mezz Limited, Camera Equity Limited,
The Jessop Group Limited, Well Hall (Jersey) Limited, Expert
Imaging Limited, MacKinnons of Dyce Limited and Jessops
Photographic (Ireland) Limited.
TRAVELPORT LLC: S&P Cuts Long-Term Corp. Credit Rating to 'CCC+'
----------------------------------------------------------------
Standard & Poor's Rating Services said that it lowered to 'CCC+'
from 'B-' its long-term corporate credit ratings on U.S.-based
travel services provider Travelport Holdings Ltd. and its primary
operating subsidiary Travelport LLC (together, Travelport). At
the same time, S&P placed the ratings on CreditWatch with
negative implications.
In addition, S&P lowered by one notch all its issue ratings on
the debt facilities borrowed by Travelport and placed them on
CreditWatch negative, in line with S&P's actions on the corporate
credit rating. In particular:
-- S&P lowered its issue rating on the first-lien senior
secured debt facilities to 'B' from 'B+'. The recovery
rating on the first-lien facilities is unchanged at '1',
indicating S&P's expectation of very high (90%-100%)
recovery prospects in the event of a payment default.
-- S&P lowered its issue rating on the senior unsecured notes
to 'CCC' from 'CCC+'. The recovery rating on these notes
is unchanged at '5', indicating S&P's expectation of modest
(10%-30%) recovery prospects in the event of a payment
default.
-- S&P lowered its issue rating on the 1.5-lien and second-
lien facilities, the subordinated notes, and the payment-
in-kind (PIK) notes to 'CCC-' from 'CCC'. The recovery
ratings on these debt instruments are unchanged at '6',
indicating S&P's expectation of negligible (0%-10%)
recovery prospects in the event of a payment default.
The CreditWatch placement follows Travelport's announcement that
it is negotiating a comprehensive refinancing plan to simplify
its capital structure. The plan includes exchanging its holdco
PIK notes into senior subordinated notes and equity; extending
its senior unsecured notes due 2014 to 2016; issuing new secured
loans of about US$860 million; and exchanging its second-lien
notes for new second-lien loans.
The CreditWatch placement reflects the likelihood of S&P
downgrading Travelport to 'SD' (selective default) if it
completes the exchange of the PIK notes.
All the lenders of Travelport's PIK notes have agreed to support
the restructuring plan, including exchanging some of the holdco
PIK notes into equity. S&P understands that Travelport will
exchange US$25 million of the principal of the tranche A PIK
notes for senior subordinated notes for a consent fee of 50 basis
points. It will exchange the remaining tranche A and tranche B
PIK notes of about US$478 million for equity. According to S&P's
criteria, it views this exchange as distressed and as tantamount
to a default. In S&P's view, the offer implies that investors
will receive less value than the promise of the original
securities.
However, S&P views the proposed refinancing plan as a positive
step toward the simplification of Travelport's capital structure.
If Travelport completes the exchange of the PIK notes and S&P
lowers its corporate credit rating on the group to 'SD', S&P will
review its ratings on Travelport again once it has more certainty
on the new capital structure and have reviewed the final
documentation.
S&P understands that to execute the plan, management would like
to obtain agreement from all classes of debtholders, including
consent from 95% of the 2014 noteholders. However, S&P believes
that should the discussions be unsuccessful or protracted, the
group would face a significant increase in near-term liquidity
risk. This risk would be especially acute if Travelport is
unable to repay or refinance the 2014 notes before May 29, 2014,
when a payment of about US$1.5 billion on the August 2015 bank
term loans and revolving credit facility will be accelerated.
If S&P believes that Travelport is unlikely to restructure in a
timely manner, S&P is likely to remove the rating from
CreditWatch and maintain it in the 'CCC' category to reflect its
view of liquidity risk.
* UK: More Hospitals May Face Financial Woes, NHS Chief Says
------------------------------------------------------------
According to BBC News, NHS London chief executive Dame Ruth
Carnall has warned that more hospitals in future could face
"financial trouble".
Ms. Carnall, who leaves on Friday after six years in her job,
said intervention as was seen in the case of South London
Healthcare NHS Trust, which went into administration in 2012 with
GBP150 million in debt, may be needed, BBC relates.
She claimed that the government's reforms also delayed healthcare
improvements in London, BBC notes.
The Department of Health said the changes would lead to better
care, according to BBC.
"I think sadly some (hospitals) will go; bust is perhaps the
wrong word because intervention would need to be in place before
something actually went bust in the traditional sense," BBC
quotes Ms. Carnall as saying. "I don't think that would be
allowed to happen. But I think the sort of intervention that you
have seen in south-east London I think will happen again sadly in
some other places."
From April 1, the 31 Primary Care Trusts will be replaced by GP-
led new bodies called Clinical Commissioning Groups, BBC
discloses. NHS London will also be scrapped, BBC states.
According to BBC, the new organizations will have the power to
decide on local services and where the money is spent. London
councils will also take on a new role with responsibility for
public health, BBC says.
* Loss Severities on UK Repossessed Properties Rise, Fitch Says
---------------------------------------------------------------
Loan loss severities on UK repossessed properties have increased
substantially alongside the proportion of loans suffering a loss,
data from Fitch Ratings show.
Over 87% of properties taken into possession since 2008 have been
sold at a loss to the lender, far higher than the 34% of
repossessions prior to the financial crisis (see "UK Residential
Property Value Analysis" published on 28 February). "Our data
show that the average size of the loss has also increased, to
28.6% in 2008-2012 from 5.8% in 2004-2007," Fitch says.
"Loss severity jumped at the onset of the financial crisis, to
22.7% in 2008 from 6.2% in 2007. It has continued to climb as
sold repossessions have contained gradually higher proportions of
"peak-of-market origination vintages". We define loss severity as
the sale price achieved versus the current balance of the loan at
the time of sale.
"Peak vintage loans had higher loan-to-values (LTVs), meaning
that the house price falls from 2007 pushed a large proportion of
these loans into negative equity. As a result these loans
suffered larger losses when repossessed.
The proportion of repossessions originated at the peak (2006-
2008) reached 70% of all sales of properties in possession in
2012 after hitting 60% in 2010. Loss severities have also
increased, reaching 31.4% last year after climbing to 27.6% in
2010.
The combination of falling house prices and high LTVs has been a
key factor in loss severities. Indeed, indexed current loan-to-
value (CLTV) ratios for peak vintage loans have frequently
exceeded 100% from 2008 onwards. This means even open market
sales will result in a loan loss. Lenders often sell repossessed
properties at a discount to open market values in order to
achieve a successful sale in a relatively short timeframe.
Repossessed properties tend to be in a poor state of repair,
which will further increase loss severities.
If the proportion of peak vintage loans in possession starts to
fall back, this may also cause loss severities to fall. This
would reflect the fact that originators tightened lending
criteria in the aftermath of the 2008 financial crisis,
particularly with regard to high LTV lending, and that the
attendant fall and stabilization in UK house prices (albeit with
significant regional variation) means loans originated after the
financial crisis struck are less likely to have a high CLTV.
"Our cautious base case scenario foresees UK house prices
dropping by 10% over the medium term. Even if this transpires, we
would expect more moderate loss severities as the proportion of
2006-2008 loans falls," Fitch says.
The full UK repossession report and a replay of the accompanying
conference call are available at www.fitchratings.com.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Shareholders Total
Equity Assets
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------
AUSTRIA
-------
CHRIST WATER TEC 8131204Q GR -5754285.054 165995618.1
CHRIST WATER TEC CWT EO -5754285.054 165995618.1
CHRIST WATER TEC CWTE IX -5754285.054 165995618.1
CHRIST WATER TEC CWT AV -5754285.054 165995618.1
CHRIST WATER TEC CRSWF US -5754285.054 165995618.1
CHRIST WATER TEC CWT PZ -5754285.054 165995618.1
CHRIST WATER TEC CWT EU -5754285.054 165995618.1
CHRIST WATER-ADR CRSWY US -5754285.054 165995618.1
LIBRO AG LBROF US -110486313.8 174004185
LIBRO AG LIB AV -110486313.8 174004185
LIBRO AG LIBR AV -110486313.8 174004185
LIBRO AG LB6 GR -110486313.8 174004185
S&T SYSTEM I-ADR STSQY US -38841439.51 182832494.8
S&T SYSTEM INTEG SYA GR -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS IX -38841439.51 182832494.8
S&T SYSTEM INTEG SLSYF US -38841439.51 182832494.8
S&T SYSTEM INTEG SYAG IX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT AV -38841439.51 182832494.8
S&T SYSTEM INTEG SYA EX -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EO -38841439.51 182832494.8
S&T SYSTEM INTEG SNT EU -38841439.51 182832494.8
S&T SYSTEM INTEG SNTA PZ -38841439.51 182832494.8
S&T SYSTEM INTEG STSQF US -38841439.51 182832494.8
S&T SYSTEM INTEG SNTS ES -38841439.51 182832494.8
SKYEUROPE SKYP PW -89480492.56 159076577.5
SKYEUROPE SKY PW -89480492.56 159076577.5
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SKYEUROPE HOL-RT SK1 AV -89480492.56 159076577.5
BELGIUM
-------
AMERIKAANSE STOC 4163533Z BB -1513887.956 225769572.9
ANTWERP GATEWAY 496769Z BB -56441017.57 244539471.2
BIO ANALYTICAL R 3723198Z BB -41974594.66 193574592.4
CHIQUITA FRESH B 3727690Z BB -13035568.06 126531721.7
COMPAGIMMOBDU BR 3727538Z BB -3827271.16 143566526.3
DOOSAN BENELUX S 3724234Z BB -81416359 231093378.4
EXPLORER NV 4289181Z BB -17703159.47 266681154.3
FINANCIETOREN NV 3729210Z BB -42317802.71 777656536.7
IDEAL STANDARD I 4492755Z AV -912413970.6 2064684812
IDEAL STANDARD I 0288212Z BB -676607228.5 1580042243
IRUS ZWEIBRUCKEN 3738979Z BB -12563627.16 113270540
JULIE LH BVBA 3739923Z BB -32842124.57 159062205.9
KBC LEASE BELGIU 3723398Z BB -36721028.1 2861898350
LAND VAN HOP NV 3727898Z BB -141334.2956 138885001.8
NYNAS NV 3734766Z BB -7050037.824 133049490.2
ORACLE BELGIUM B 4525199Z AV -11669893.04 255041441.5
PHOTOVOLTECH NV 3557498Z BB -37292670.76 125803177.8
SABENA SA SABA BB -85494497.66 2215341060
SAPPI EUROPE SA 3732894Z BB -125372343 148685711.3
SOCIETE NATIONAL 3726762Z BB -39045394.16 506987115.6
TELENET GRP HLDG TNET QM -928724199.6 5137146702
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TELENET GRP HLDG TNETUSD EO -928724199.6 5137146702
TELENET GRP HLDG TNET MT -928724199.6 5137146702
TELENET GRP HLDG 3218105Q IX -928724199.6 5137146702
TELENET GRP HLDG TNET NQ -928724199.6 5137146702
TELENET GRP HLDG TNET IX -928724199.6 5137146702
TELENET GRP HLDG TNET BB -928724199.6 5137146702
TELENET-STRP TNETS BB -928724199.6 5137146702
TELENET-UNS ADR TLGHY US -928724199.6 5137146702
BULGARIA
--------
PETROL AD 5PET BU -28384533.15 365674871.9
PETROL AD 5PET GR -28384533.15 365674871.9
PETROL AD PETB PZ -28384533.15 365674871.9
PETROL AD 5PET PZ -28384533.15 365674871.9
PETROL AD 5PETEUR EU -28384533.15 365674871.9
PETROL AD PET BU -28384533.15 365674871.9
PETROL AD 5PET EO -28384533.15 365674871.9
PETROL AD 5PETEUR EO -28384533.15 365674871.9
PETROL AD 5PET EU -28384533.15 365674871.9
CROATIA
-------
BRODOGRADE INDUS 3MAJRA CZ -117119941.8 803533466.7
CROATIA AIRLI-A1 CRALPA1 CZ -7293960.057 285595600.8
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CROATIA AIRLI-A3 CRALPA3 CZ -7293960.057 285595600.8
CROATIA AIRLI-A4 CRALPA4 CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALPA CZ -7293960.057 285595600.8
CROATIA AIRLINES CRALRA CZ -7293960.057 285595600.8
MAGMA DD MGMARA CZ -14866765.08 104029164.6
OT OPTIMA TELEKO 2299892Z CZ -84560317.57 103460989.1
OT-OPTIMA TELEKO OPTERA CZ -84560317.57 103460989.1
CYPRUS
------
CYPRUS AIRWA-RTS CAIRR CY -20708704.06 183851135.9
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CYPRUS AIRWAYS CAIR CY -20708704.06 183851135.9
CYPRUS AIRWAYS CAIR PZ -20708704.06 183851135.9
LIBRA GROUP PLC LHG EU -39648682.41 209021322.6
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LIBRA GROUP PLC LHG CY -39648682.41 209021322.6
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LIBRA HOLIDAYS-P LBHG CY -39648682.41 209021322.6
CZECH REPUBLIC
--------------
CKD PRAHA HLDG 297687Q GR -89435858.16 192305153
CKD PRAHA HLDG CKDPF US -89435858.16 192305153
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DENMARK
-------
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FRANCE
------
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GREECE
------
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LAVIPHARM SA LAVI EU -5006040.333 167080549.6
LAVIPHARM SA LAVI EO -5006040.333 167080549.6
LAVIPHARM SA LAVI PZ -5006040.333 167080549.6
LAVIPHARM SA LVP GR -5006040.333 167080549.6
LAVIPHARM SA BXA GR -5006040.333 167080549.6
LAVIPHARM SA LVIXF US -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVID GA -5006040.333 167080549.6
LAVIPHARM SA-RTS LAVIR GA -5006040.333 167080549.6
LAVIPHARM-AUC LAVIE GA -5006040.333 167080549.6
MAILLIS MLISF US -2041887.566 401387790.4
MAILLIS -RTS MAIKR GA -2041887.566 401387790.4
MAILLIS-SPON ADR MJMSY US -2041887.566 401387790.4
MARITIME CO LESB MEKD CH -7779986.972 235355419.9
MARITIME CO LESB NELD GA -7779986.972 235355419.9
MARITIME CO LESV NEL PZ -7779986.972 235355419.9
MARITIME CO LESV MTMLF US -7779986.972 235355419.9
MARITIME CO LESV NEL EU -7779986.972 235355419.9
MARITIME CO LESV NEL GA -7779986.972 235355419.9
MARITIME CO LESV NEL EO -7779986.972 235355419.9
MARITIME CO LESV MCV GR -7779986.972 235355419.9
MARITIME CO -RTS 2749585Q GA -7779986.972 235355419.9
MARITIME COMPANY NELE GA -7779986.972 235355419.9
MARITIME COM-RTS NELR GA -7779986.972 235355419.9
MARITIME CO-RTS 5078509Q GA -7779986.972 235355419.9
MARITIME LESV-RT NELBR GA -7779986.972 235355419.9
MJ MAILLIS S.A. MJL GR -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK PZ -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK EU -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK GA -2041887.566 401387790.4
MJ MAILLIS S.A. MAIK EO -2041887.566 401387790.4
NAOUSSA SPIN -RT NAOYD GA -163114842.1 286539436.9
NAOUSSA SPIN-AUC NAOYKE GA -163114842.1 286539436.9
NAOUSSA SPINNING NML GR -163114842.1 286539436.9
NAOUSSA SPIN-RTS NAOYKR GA -163114842.1 286539436.9
NUTRIART S.A. KTSEF US -84623057.15 115632796.2
NUTRIART S.A. KATSK GA -84623057.15 115632796.2
NUTRIART SA KATSK EO -84623057.15 115632796.2
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NUTRIART SA NUTRIART GA -84623057.15 115632796.2
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NUTRIART-RTS 3411089Q GA -84623057.15 115632796.2
PETZET - PFD-RTS PETZPD GA -110812812.5 206429374.1
PETZETAKIS - RTS PETZKD GA -110812812.5 206429374.1
PETZETAKIS-AUC PETZKE GA -110812812.5 206429374.1
PETZETAKIS-PFD PTZ3 GR -110812812.5 206429374.1
PETZETAKIS-PFD PETZP GA -110812812.5 206429374.1
RADIO KORASSIDIS KORA GA -100972173.9 244951680.3
RADIO KORASSIDIS RAKOF US -100972173.9 244951680.3
RADIO KORASSIDIS RKC GR -100972173.9 244951680.3
RADIO KORASSI-RT KORAD GA -100972173.9 244951680.3
RADIO KORASS-RTS KORAR GA -100972173.9 244951680.3
T BANK ASPT EU -46224213.41 3486115450
T BANK ASPT GA -46224213.41 3486115450
T BANK ASPT EO -46224213.41 3486115450
T BANK TBANK EU -46224213.41 3486115450
T BANK TBANK EO -46224213.41 3486115450
T BANK ASPT PZ -46224213.41 3486115450
T BANK TBANK GA -46224213.41 3486115450
THEMELIODOMI THEME GA -55751173.78 232036822.6
THEMELIODOMI-AUC THEMEE GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMER GA -55751173.78 232036822.6
THEMELIODOMI-RTS THEMED GA -55751173.78 232036822.6
UNITED TEXTILES NML1 GR -163114842.1 286539436.9
UNITED TEXTILES UTEX PZ -163114842.1 286539436.9
UNITED TEXTILES UTEX EO -163114842.1 286539436.9
UNITED TEXTILES NAOSF US -163114842.1 286539436.9
UNITED TEXTILES NAOYK GA -163114842.1 286539436.9
UNITED TEXTILES UTEX EU -163114842.1 286539436.9
UNITED TEXTILES UTEX GA -163114842.1 286539436.9
VETERIN - RIGHTS VETR GA -670700605.1 924332371.1
HUNGARY
-------
HUNGARIAN TELEPH HUGC IX -73723992 827192000
HUNGARIAN TELEPH HUC EX -73723992 827192000
INVITEL HOLD-ADR INVHY US -73723992 827192000
INVITEL HOLD-ADR 0IN GR -73723992 827192000
INVITEL HOLD-ADR IHO US -73723992 827192000
INVITEL HOLDINGS 3212873Z HB -73723992 827192000
IRELAND
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MCINERNEY PROP-A MYP LN -137972148.5 304108432.2
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MCINERNEY PROP-A MYP ID -137972148.5 304108432.2
MCINERNEY -RT FP MCIF LN -137972148.5 304108432.2
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START FUNDING NO 3816392Z ID -8410425.946 624257073.1
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ICELAND
-------
AVION GROUP B1Q GR -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EU -223780368 2277882368
EIMSKIPAFELAG HF HFEIMEUR EO -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EU -223780368 2277882368
EIMSKIPAFELAG HF AVION IR -223780368 2277882368
EIMSKIPAFELAG HF HFEIM EO -223780368 2277882368
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ITALY
-----
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AS ROMA SPA ASR EB -66248672.26 227606539.7
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RISANAMEN-RNC OP RNROPA IM -182584482.9 2453594767
RISANAMENTO -OPA RNOPA IM -182584482.9 2453594767
RISANAMENTO -RNC RNR IM -182584482.9 2453594767
RISANAMENTO SPA RN PZ -182584482.9 2453594767
RISANAMENTO SPA RNGBX EO -182584482.9 2453594767
RISANAMENTO SPA RN IX -182584482.9 2453594767
RISANAMENTO SPA RN EO -182584482.9 2453594767
RISANAMENTO SPA RNGBX EU -182584482.9 2453594767
RISANAMENTO SPA RSMNF US -182584482.9 2453594767
RISANAMENTO SPA RN EU -182584482.9 2453594767
RISANAMENTO SPA RN TQ -182584482.9 2453594767
RISANAMENTO SPA RN BQ -182584482.9 2453594767
RISANAMENTO SPA RN IM -182584482.9 2453594767
RISANAMENTO SPA RN5 GR -182584482.9 2453594767
RISANAMENTO SPA RNGBP EO -182584482.9 2453594767
RISANAMENTO-RTS RNAA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXA IM -182584482.9 2453594767
RISANAMENTO-RTS RNAXO IM -182584482.9 2453594767
SEAT PAGINE PG1 EB -741904802.3 3755632231
SEAT PAGINE SP7A GR -741904802.3 3755632231
SEAT PAGINE PG1 NQ -741904802.3 3755632231
SEAT PAGINE SP7 GR -741904802.3 3755632231
SEAT PAGINE PG PZ -741904802.3 3755632231
SEAT PAGINE PG1USD EU -741904802.3 3755632231
SEAT PAGINE PG1 QM -741904802.3 3755632231
SEAT PAGINE SEEA LN -741904802.3 3755632231
SEAT PAGINE PG IM -741904802.3 3755632231
SEAT PAGINE 283147Q IM -741904802.3 3755632231
SEAT PAGINE PG VX -741904802.3 3755632231
SEAT PAGINE PGI1 IX -741904802.3 3755632231
SEAT PAGINE SPGMF US -741904802.3 3755632231
SEAT PAGINE PG BQ -741904802.3 3755632231
SEAT PAGINE PG1 NR -741904802.3 3755632231
SEAT PAGINE PG1USD EO -741904802.3 3755632231
SEAT PAGINE PG1GBX EO -741904802.3 3755632231
SEAT PAGINE PG1 TQ -741904802.3 3755632231
SEAT PAGINE PG1GBP EO -741904802.3 3755632231
SEAT PAGINE PG1 EO -741904802.3 3755632231
SEAT PAGINE PG1 EU -741904802.3 3755632231
SEAT PAGINE-ADR SPGMY US -741904802.3 3755632231
SEAT PAGINE-RSP SPGBF US -741904802.3 3755632231
SEAT PAGINE-RSP PGR EO -741904802.3 3755632231
SEAT PAGINE-RSP PGR EU -741904802.3 3755632231
SEAT PAGINE-RSP PGR IX -741904802.3 3755632231
SEAT PAGINE-RSP PGR IM -741904802.3 3755632231
SEAT PAGINE-RSP PGR PZ -741904802.3 3755632231
SEATPG AXA PGAXA IM -741904802.3 3755632231
SNIA BPD SN GR -141933895.2 150445252.4
SNIA BPD-ADR SBPDY US -141933895.2 150445252.4
SNIA SPA SSMLF US -141933895.2 150445252.4
SNIA SPA SIAI IX -141933895.2 150445252.4
SNIA SPA SIAI PZ -141933895.2 150445252.4
SNIA SPA SN EO -141933895.2 150445252.4
SNIA SPA SN IM -141933895.2 150445252.4
SNIA SPA SN EU -141933895.2 150445252.4
SNIA SPA SNIB GR -141933895.2 150445252.4
SNIA SPA SNIXF US -141933895.2 150445252.4
SNIA SPA SBPDF US -141933895.2 150445252.4
SNIA SPA SN TQ -141933895.2 150445252.4
SNIA SPA SNIA GR -141933895.2 150445252.4
SNIA SPA - RTS SNAAW IM -141933895.2 150445252.4
SNIA SPA- RTS SNAXW IM -141933895.2 150445252.4
SNIA SPA-2003 SH SN03 IM -141933895.2 150445252.4
SNIA SPA-CONV SA SPBDF US -141933895.2 150445252.4
SNIA SPA-DRC SNR00 IM -141933895.2 150445252.4
SNIA SPA-NEW SN00 IM -141933895.2 150445252.4
SNIA SPA-NON CON SPBNF US -141933895.2 150445252.4
SNIA SPA-RCV SNR IM -141933895.2 150445252.4
SNIA SPA-RCV SNIVF US -141933895.2 150445252.4
SNIA SPA-RIGHTS SNAW IM -141933895.2 150445252.4
SNIA SPA-RNC SNRNC IM -141933895.2 150445252.4
SNIA SPA-RNC SNIWF US -141933895.2 150445252.4
SNIA SPA-RTS SNAA IM -141933895.2 150445252.4
SNIA SPA-RTS SNSO IM -141933895.2 150445252.4
SOPAF SPA SPF TQ -24220971.66 153763906.2
SOPAF SPA SPF EU -24220971.66 153763906.2
SOPAF SPA SPF IM -24220971.66 153763906.2
SOPAF SPA SOPAF US -24220971.66 153763906.2
SOPAF SPA SPF PZ -24220971.66 153763906.2
SOPAF SPA SPF BQ -24220971.66 153763906.2
SOPAF SPA SPF QM -24220971.66 153763906.2
SOPAF SPA SPF EB -24220971.66 153763906.2
SOPAF SPA SOCAF US -24220971.66 153763906.2
SOPAF SPA SPF EO -24220971.66 153763906.2
SOPAF SPA SSZ HK Equity -24220971.66 153763906.2
SOPAF SPA SPFI IX -24220971.66 153763906.2
SOPAF SPA-NEW 97 SPF97 IM -24220971.66 153763906.2
SOPAF SPA-RNC SPFN IM -24220971.66 153763906.2
SOPAF SPA-RNC SOPCF US -24220971.66 153763906.2
SOPAF SPA-RT SPFOB IM -24220971.66 153763906.2
TECNODIFF ITALIA TDIFF US -89894162.82 152045757.5
TECNODIFF ITALIA TDI NM -89894162.82 152045757.5
TECNODIFF ITALIA TEF GR -89894162.82 152045757.5
TECNODIFF ITALIA TDI IM -89894162.82 152045757.5
TECNODIFF-RTS TDIAOW NM -89894162.82 152045757.5
TECNODIFFUSIONE TDIAAW IM -89894162.82 152045757.5
TISCALI - RTS TISAAW IM -167327246 362728538.3
TISCALI - RTS TIQA GR -167327246 362728538.3
TISCALI SPA TIS TQ -167327246 362728538.3
TISCALI SPA TIS VX -167327246 362728538.3
TISCALI SPA TISGBX EO -167327246 362728538.3
TISCALI SPA TIS EO -167327246 362728538.3
TISCALI SPA TIS EU -167327246 362728538.3
TISCALI SPA TISN FP -167327246 362728538.3
TISCALI SPA TISGBP EO -167327246 362728538.3
TISCALI SPA TIS IX -167327246 362728538.3
TISCALI SPA TIQG IX -167327246 362728538.3
TISCALI SPA TISN IX -167327246 362728538.3
TISCALI SPA TIS EB -167327246 362728538.3
TISCALI SPA TIS FP -167327246 362728538.3
TISCALI SPA TIS IM -167327246 362728538.3
TISCALI SPA TISN VX -167327246 362728538.3
TISCALI SPA TISN IM -167327246 362728538.3
TISCALI SPA TIS NA -167327246 362728538.3
TISCALI SPA TISM IX -167327246 362728538.3
TISCALI SPA TSCXF US -167327246 362728538.3
TISCALI SPA TISGBX EU -167327246 362728538.3
TISCALI SPA TIQ1 GR -167327246 362728538.3
TISCALI SPA TISN NA -167327246 362728538.3
TISCALI SPA TIS QM -167327246 362728538.3
TISCALI SPA TIS NQ -167327246 362728538.3
TISCALI SPA TIS NR -167327246 362728538.3
TISCALI SPA TIS PZ -167327246 362728538.3
TISCALI SPA TIS BQ -167327246 362728538.3
TISCALI SPA TIQ GR -167327246 362728538.3
TISCALI SPA- RTS 3391621Q GR -167327246 362728538.3
TISCALI SPA- RTS TISAXA IM -167327246 362728538.3
VIA CAVOUR SRL 3997892Z IM -2002622.441 173628397.1
JERSEY
------
REAL ESTATE OP-O REO PZ -1109604236 1668437669
REAL ESTATE OP-O REO EU -1109604236 1668437669
REAL ESTATE OP-O REO ID -1109604236 1668437669
REAL ESTATE OP-O REO IX -1109604236 1668437669
REAL ESTATE OP-O REO EO -1109604236 1668437669
REAL ESTATE OP-O REA GR -1109604236 1668437669
REAL ESTATE OP-O REOGBP EO -1109604236 1668437669
REAL ESTATE OP-O REO VX -1109604236 1668437669
REAL ESTATE OP-O REO LN -1109604236 1668437669
LUXEMBOURG
----------
CARRIER1 INT-AD+ CONE ES -94729000 472360992
CARRIER1 INT-ADR CONEE US -94729000 472360992
CARRIER1 INT-ADR CONEQ US -94729000 472360992
CARRIER1 INTL CJN NM -94729000 472360992
CARRIER1 INTL CJNA GR -94729000 472360992
CARRIER1 INTL 8133893Q GR -94729000 472360992
CARRIER1 INTL SA 1253Z SW -94729000 472360992
CARRIER1 INTL SA CONEF US -94729000 472360992
INTELSAT GLOBAL 0440101D US -1168589952 17400967168
INTELSAT GLOBAL I US -1168589952 17400967168
INTELSAT INVESTM ILMA GR -1199357056 17465319424
INTELSAT SA 2237Z US -1199357056 17465319424
NETHERLANDS
-----------
ALFRED C TOEPFER 4062117Z NA -1843317.436 1689194175
ASITO DIENSTENGR 743813Z NA -2494804.851 220704023.7
AVAST SOFTWARE B 0112793D US -15842000 132342000
AVAST SOFTWARE N AVST US -15842000 132342000
AVG TECHNOLOGIES 0119253D US -52030000 377521984
AVG TECHNOLOGIES 3164852Z NA -52030000 377521984
AVG TECHNOLOGIES AVG US -52030000 377521984
AVG TECHNOLOGIES 1VA GR -52030000 377521984
BAAN CO NV-ASSEN BAANA NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN NA -7854715.264 609871188.9
BAAN COMPANY NV BAAN IX -7854715.264 609871188.9
BAAN COMPANY NV BAAN EO -7854715.264 609871188.9
BAAN COMPANY NV BAAN PZ -7854715.264 609871188.9
BAAN COMPANY NV BAAN GR -7854715.264 609871188.9
BAAN COMPANY NV BNCG IX -7854715.264 609871188.9
BAAN COMPANY NV BAAVF US -7854715.264 609871188.9
BAAN COMPANY NV BAAN EU -7854715.264 609871188.9
BAAN COMPANY-NY BAANF US -7854715.264 609871188.9
BELEGGINGSMAATSC 801105Z NA -5070657.703 350267370.9
CENTRIC HOLDING 745383Z NA -72753.24225 363069870.7
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COOPERATIE VOEDI 4378105Z NA -216576.9882 680962157.8
EATON ELECTRIC B 2017671Z NA -1841730.108 130591221.9
EUROCOMMERCE HOL 4174085Z NA -1476.315022 1442058655
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FERDINAND STINGE 4040837Z NA -197826.2129 1420319834
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ING RE DORTMUND/ 3819456Z NA -91900157.49 142290450.1
ING REIM DEVELOP 3811140Z NA -231041485.9 383323356.5
KONINKLIJKE HASK 4037221Z NA -69259.20141 230145390.9
KUIPER GROEP BV 3821988Z NA -3688.420875 101931401.5
LIBERTY GL EU-A UPC NA -5505478850 5112616630
LINO MANAGEMENT 3774416Z NA -330305248.1 752471513.7
MAAS INTERNATION 4174109Z NA -104625.6021 163961580.9
MAGYAR TELECOM B 363945Z HB -9411153.408 462039674.5
MITSUBISHI MOTOR 3893974Z NA -236634746.2 588105612.9
MSREF ELBA BV 4043045Z NA -89889.60183 584994172.5
MSREF VI KAIROS 4174205Z NA -38313.60078 893956511
NIDERA HANDELSCO 3893886Z NA -1347999.991 2303695933
NORFOLK HOLDINGS 779151Z NA -199512.5928 813430683.8
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SGS NEDERLAND HO 3896746Z NA -742586.4558 148207265
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UNITED PAN-EUR-A UPC LI -5505478850 5112616630
UNITED PAN-EUROP UPC VX -5505478850 5112616630
UNITED PAN-EUROP UPCOF US -5505478850 5112616630
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VAN WEELDE BEHEE 4038885Z NA -165002.3062 161800258.3
VOLKERWESSELS BO 4062101Z NA -17683.20036 191596002.3
VWS TRANSPORTINF 4377249Z NA -88578.90129 442019063.5
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WE INTERNATIONAL 630199Z NA -1220350.163 1011026941
ZINVEST FASHION 3775412Z NA -296559.4047 180677208
ZWINGER OPCO 6 B 3821644Z NA -106543158.2 627759193.8
NORWAY
------
AFRICA OFFSHORE AOSA NO -280249984 357512992
AKER BIOMARINE A 4508947Z NO -97401201.46 100855655.1
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AKER ELEKTRO AS 4389353Z NO -35218317.7 134077911.8
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AKER FLOATING PR AKFP EO -16100000 765200000
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AKER FLOATING PR AKFP EU -16100000 765200000
AKER FLOATING PR AKFP NO -16100000 765200000
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GJENSIDIGE PENSJ 4447089Z NO -211457.8665 1156109660
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INTEROIL EXPLORA IOX EO -21010000 139828992
INTEROIL EXPLORA IOX PZ -21010000 139828992
INTEROIL EXPLORA IOX BY -21010000 139828992
INTEROIL EXPLORA INOX NO -21010000 139828992
INTEROIL EXPLORA IOXEUR EU -21010000 139828992
INTEROIL EXPLORA IOX IX -21010000 139828992
INTEROIL EXPLORA IOXUSD EU -21010000 139828992
INTEROIL EXPLORA IROIF US -21010000 139828992
INTEROIL EXPLORA IOX EU -21010000 139828992
INTEROIL EXPLORA IOXEUR EO -21010000 139828992
INTEROIL EXPLORA IOXUSD EO -21010000 139828992
INTEROIL EXPLORA IOX SS -21010000 139828992
MAN LAST OG BUSS 4521719Z NO -5830520.283 123349772.5
MARINE SUBSEA AS MSAS NO -280249984 357512992
NCC CONSTRUCTION 4389745Z NO -11284745.3 292548511.4
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PETRO GEO-SERV PGS GR -18066142.21 399710323.6
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PETRO GEO-SERV 265143Q NO -18066142.21 399710323.6
PETRO GEO-SERV-N PGSN NO -18066142.21 399710323.6
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PETRO GEO-SV-ADR PGOGY US -18066142.21 399710323.6
PETROJACK AS JACKEUR EO -54932000 191586000
PETROJACK AS JACKEUR EU -54932000 191586000
PETROJACK AS P3J GR -54932000 191586000
PETROJACK AS JACK EU -54932000 191586000
PETROJACK AS JACO IX -54932000 191586000
PETROJACK AS JACK NO -54932000 191586000
PETROJACK AS JACK PZ -54932000 191586000
PETROJACK AS POJKF US -54932000 191586000
PETROJACK AS JACK EO -54932000 191586000
PETROJACK AS JACK BY -54932000 191586000
PETROMENA AS PMENA PZ -47299000 317747008
PETROMENA AS PMENAEUR EU -47299000 317747008
PETROMENA AS PMENA NO -47299000 317747008
PETROMENA AS PMENAEUR EO -47299000 317747008
PETROMENA AS PMEN IX -47299000 317747008
PETROMENA AS PMENA EO -47299000 317747008
PETROMENA AS MENA NO -47299000 317747008
PETROMENA AS PR2 GR -47299000 317747008
PETROMENA AS PMENA EU -47299000 317747008
PETROMENA AS PMENF US -47299000 317747008
PRATT & WHITNEY 4524487Z NO -5820126.04 104689675.3
REC SCANCELL AS 4446473Z NO -8437038.946 138751607.3
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TDC AS 4287413Z NO -83055192.99 129421953.7
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TJUVHOLMEN UTVIK 4446353Z NO -682369.4664 117274938.8
TRICO SHIPPING A 3651167Z NO -132576808.1 504945402.2
TTS SENSE AS 4393841Z NO -4559687.797 162046219.9
UTKILEN SHIPPING 4446161Z NO -74871.02647 185813483
VNG NORGE AS 4513147Z NO -54874780.65 162557987.4
POLAND
------
ANIMEX SA ANX PW -556805.8579 108090511.9
DSS DSS PW -75172532.87 162767180.1
DSS DSS EU -75172532.87 162767180.1
DSS DSS EO -75172532.87 162767180.1
DSS-PDA DSSA PW -75172532.87 162767180.1
HBPOLSKA HBWL PZ -101164415.5 294857246.9
HBPOLSKA HBPEUR EU -101164415.5 294857246.9
HBPOLSKA HBP EU -101164415.5 294857246.9
HBPOLSKA HBPEUR EO -101164415.5 294857246.9
HBPOLSKA HBW PW -101164415.5 294857246.9
HBPOLSKA HBP LI -101164415.5 294857246.9
HBPOLSKA HBP PW -101164415.5 294857246.9
HBPOLSKA HBP EO -101164415.5 294857246.9
HBPOLSKA-PD-ALLT HBPA PW -101164415.5 294857246.9
KROSNO KRS LI -2241614.766 111838141.2
KROSNO KRS PW -2241614.766 111838141.2
KROSNO KRS1EUR EU -2241614.766 111838141.2
KROSNO KROS IX -2241614.766 111838141.2
KROSNO KRS1EUR EO -2241614.766 111838141.2
KROSNO SA KROSNO PW -2241614.766 111838141.2
KROSNO SA KRS1 EO -2241614.766 111838141.2
KROSNO SA KRS1 EU -2241614.766 111838141.2
KROSNO SA KRS PZ -2241614.766 111838141.2
KROSNO SA KRNFF US -2241614.766 111838141.2
KROSNO SA-RTS KRSP PW -2241614.766 111838141.2
KROSNO-PDA-ALLT KRSA PW -2241614.766 111838141.2
TOORA TOR PZ -288818.3897 147004954.2
TOORA 2916661Q EO -288818.3897 147004954.2
TOORA 2916665Q EU -288818.3897 147004954.2
TOORA TOR PW -288818.3897 147004954.2
TOORA-ALLOT CERT TORA PW -288818.3897 147004954.2
PORTUGAL
--------
ALBERTO MARTINS 4488947Z PL -25419983.42 123491252.1
ALUGUER DE VEICU 4773793Z PL -15934394.29 177189066.9
BRISAL AUTO-ESTR 3645215Z PL -47450724.24 654534402.7
CENTRO HOSPITALA 3778196Z PL -63194407.2 123417394.8
CO DAS ENERGIAS 3794880Z PL -2540034.474 115717930.4
CP - COMBOIOS DE 1005Z PL -3578303482 1640305326
ESTALEIROS NAVAI 4507307Z PL -160990302.6 168996814.5
FORD LUSITANA SA 3648983Z PL -7991062.856 135557902.7
HOSPITAL DE FARO 3789880Z PL -18565498.19 440770232
HOSPITAL DO DIVI 3789932Z PL -75359384.99 205468575.8
HOSPITAL GARCIA 3773160Z PL -48058398.4 155137981.5
HP HEALTH CLUBS 3777952Z PL -4243987.43 133613465.6
LOCACAO DE EQUIP 4772329Z PL -1031872.211 425561447.8
METRO DO PORTO 4473963Z PL -1539365046 3027538897
PORTUGALIA 1008Z PL -6844075.929 199376769
RADIO E TELEVISA 1227Z PL -740710264.5 506160206.4
REFER EP 1250Z PL -1883502408 1735947433
REN TRADING SA 4167785Z PL -2316007.028 231656542.3
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SOCIEDADE DE TRA 1253Z PL -368574770.4 153373893.3
SPORTING CLUBE D SCPX PX Equit -43017532.72 246527336.3
SPORTING CLUBE D SCDF EU -43017532.72 246527336.3
SPORTING CLUBE D SCG GR -43017532.72 246527336.3
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SPORTING-SOC DES SCPL IX -43017532.72 246527336.3
SPORTING-SOC-RTS SCPVS PL -43017532.72 246527336.3
SPORTING-SOC-RTS SCPDS PL -43017532.72 246527336.3
TAP SGPS TAP PL -353957017.4 2789331398
TRANSGAS SA 3794668Z PL -2181404.695 158648841.9
VALE DO LOBO - R 4764257Z PL -43960329.17 466811617.2
ROMANIA
-------
ARCELORMITTAL PTRO RO -61080024.91 178667412.9
OLTCHIM RM VALCE OLTCF US -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLTEUR EO -36885412.47 586251335.6
OLTCHIM SA RM VA OLT EU -36885412.47 586251335.6
OLTCHIM SA RM VA OLT PZ -36885412.47 586251335.6
OLTCHIM SA RM VA OLT RO -36885412.47 586251335.6
RUSSIA
------
AKCIONERNOE-BRD SOVP$ RU -3777004.385 408412400.2
ALLIANCE RUSSIAN ALRT RU -15214295.76 144582050.8
AMO ZIL-CLS ZILLG RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL* RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RU -305861298.1 461943061.3
AMO ZIL-CLS ZILL RM -305861298.1 461943061.3
AMTEL-POVOLZ-BRD KIRT* RU -936614.5492 142093264.3
AMTEL-POVOLZ-BRD KIRT RU -936614.5492 142093264.3
BALTIYSKY-$BRD BALZ RU -20907794.77 382497299.9
BALTIYSKY-$BRD BALZ* RU -20907794.77 382497299.9
BALTIYSKY-BRD BALZ$ RU -20907794.77 382497299.9
BUMMASH OJSC-BRD BUMM RU -44749637.35 160609608.1
BUMMASH OJSC-BRD BUMM* RU -44749637.35 160609608.1
CHELPIPE JSC CHEP RU -307706501.4 3817658407
CHELPIPE JSC CHEP RM -307706501.4 3817658407
CHELPIPE JSC CHEP* RU -307706501.4 3817658407
CHELPIPE JSC CHEPG RU -307706501.4 3817658407
CHELYAB-GDR 144A 8163533Z LI -307706501.4 3817658407
CHELYAB--GDR REG 8135827Z LI -307706501.4 3817658407
CHELYAB--GDR W/I 1CFA GR -307706501.4 3817658407
CHELYAB--GDR W/I CHEP LI -307706501.4 3817658407
CHELYABINSK PIPE CHEP$ RU -307706501.4 3817658407
CRYOGENMASH-BRD KRGM* RU -124544745.1 207128408.6
CRYOGENMASH-BRD KRGM RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP RU -124544745.1 207128408.6
CRYOGENMASH-PFD KRGMP* RU -124544745.1 207128408.6
DAGESTAN ENERGY DASBG RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB* RU -29561959.6 232757864.4
DAGESTAN ENERGY DASB RM -29561959.6 232757864.4
DAGESTAN ENERGY DASB RU -29561959.6 232757864.4
EAST-SIBERIA-BRD VSNK* RU -92283895.48 299864149.8
EAST-SIBERIA-BRD VSNK RU -92283895.48 299864149.8
EAST-SIBERIAN-BD VSNK$ RU -92283895.48 299864149.8
FINANCIAL LEASIN FLKO* RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RU -190902972.2 249901772.8
FINANCIAL LEASIN FLKO RM -190902972.2 249901772.8
FINANCIAL LEASIN 137282Z RU -190902972.2 249901772.8
GAZ GZAPF US -292369069.3 1799241026
GAZ GAZA$ RU -292369069.3 1799241026
GAZ-CLS GAZA RM -292369069.3 1799241026
GAZ-CLS GAZA* RU -292369069.3 1799241026
GAZ-CLS GAZA RU -292369069.3 1799241026
GAZ-CLS GAZAG RU -292369069.3 1799241026
GAZ-PFD GAZAP* RU -292369069.3 1799241026
GAZ-PFD GAZAPG RU -292369069.3 1799241026
GAZ-PFD GAZAP RM -292369069.3 1799241026
GAZ-PFD GAZAPG$ RU -292369069.3 1799241026
GAZ-PFD GAZAP RU -292369069.3 1799241026
GAZ-PREF GAZAP$ RU -292369069.3 1799241026
GAZ-US$ GTS GAZAG$ RU -292369069.3 1799241026
GRAZHDANSKIE SAM GSSU RU -152610999.2 1609476948
GUKOVUGOL GUUG RU -57835249.92 143665227.2
GUKOVUGOL GUUG* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP* RU -57835249.92 143665227.2
GUKOVUGOL-PFD GUUGP RU -57835249.92 143665227.2
GURIEVSKY-BRD GUMZ RU -7147215.563 190801547.3
GURIEVSKY-BRD GUMZ* RU -7147215.563 190801547.3
HALS-DEVEL- GDR 86PN LI -588515964.6 1446111954
HALS-DEVEL- GDR 86PN LN -588515964.6 1446111954
HALS-DEVELOPMENT HALS RM -588515964.6 1446111954
HALS-DEVELOPMENT HALSM RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS LI -588515964.6 1446111954
HALS-DEVELOPMENT HALSG RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS TQ -588515964.6 1446111954
HALS-DEVELOPMENT SYR GR -588515964.6 1446111954
HALS-DEVELOPMENT HALS* RU -588515964.6 1446111954
HALS-DEVELOPMENT HALS RU -588515964.6 1446111954
IZHAVTO OAO IZAV RU -94100833.99 443610329.4
KIROV TIRE PLANT KIRT$ RU -936614.5492 142093264.3
M-INDUSTRIYA SOMI RU -1304109.982 267288804.8
MOSPROMSTROY-BRD MPSM* RU -15526364.63 270701638
MOSPROMSTROY-BRD MPSM RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP* RU -15526364.63 270701638
MOSPROMSTROY-PFD MPSMP RU -15526364.63 270701638
NIZHEGORODSK-BRD NASO* RU -925605.4667 537182246.1
NIZHEGORODSK-BRD NASO RU -925605.4667 537182246.1
NIZHEGORODSKI-B NASO$ RU -925605.4667 537182246.1
NIZHEGORODS-P B$ NASOP$ RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP RU -925605.4667 537182246.1
NIZHEGORODS-PFD NASOP* RU -925605.4667 537182246.1
NIZHMASHZAVO-BRD NMSZ* RU -36667081.23 323938091.2
NIZHMASHZAVO-BRD NMSZ RU -36667081.23 323938091.2
NIZHMASHZAVOD-BD NMSZ$ RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP RU -36667081.23 323938091.2
NIZHMASHZAVO-PFD NMSZP* RU -36667081.23 323938091.2
NOVOSIBIRSK-BRD NVMZ RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ* RU -3734071.034 152583538.5
NOVOSIBIRSK-BRD NVMZ$ RU -3734071.034 152583538.5
OAO AMURMETALL AMMT RU -808724.9033 847661954.7
PENOPLEX-FINANS PNPF RU -839659.3715 147052027.7
PIK GROUP PIKK* RU -22928288.83 4135566932
PIK GROUP PIKKG RU -22928288.83 4135566932
PIK GROUP PIKK RM -22928288.83 4135566932
PIK GROUP PIKK RU -22928288.83 4135566932
PIK GROUP-GDR PIK EB -22928288.83 4135566932
PIK GROUP-GDR PIK EU -22928288.83 4135566932
PIK GROUP-GDR PIK TQ -22928288.83 4135566932
PIK GROUP-GDR PIK IX -22928288.83 4135566932
PIK GROUP-GDR PIK1 EO -22928288.83 4135566932
PIK GROUP-GDR PIK LI -22928288.83 4135566932
PIK GROUP-GDR PKGPL US -22928288.83 4135566932
PIK GROUP-GDR PIQ2 GR -22928288.83 4135566932
PIK GROUP-GDR PIK1 QM -22928288.83 4135566932
PROMTRACTOR-FINA PTRF RU -36499379.79 250671811.3
RUSPETRO OOO 0090464D LN -40737000 522576000
RUSPETRO PLC RPO QM -40737000 522576000
RUSPETRO PLC RPO NR -40737000 522576000
RUSPETRO PLC RPO EB -40737000 522576000
RUSPETRO PLC RPO TQ -40737000 522576000
RUSPETRO PLC RPO S1 -40737000 522576000
RUSPETRO PLC RPO EO -40737000 522576000
RUSPETRO PLC RPO EU -40737000 522576000
RUSPETRO PLC RPO LN -40737000 522576000
RUSPETRO PLC RPO BQ -40737000 522576000
RUSPETRO PLC RUSPF US -40737000 522576000
RUSPETRO PLC 7RP GR -40737000 522576000
RUSPETRO PLC RPO IX -40737000 522576000
RUSPETROL OOO 5316091Z RU -40737000 522576000
RUSSIAN TEXT-CLS ALRTG RU -15214295.76 144582050.8
RUSSIAN TEXT-CLS ALRT* RU -15214295.76 144582050.8
SEVERNAYA KAZNA SVKB RU -65841686.21 279147750
SEVERNAYA KAZNA SVKB* RU -65841686.21 279147750
SISTEMA HALS-GDR HALS IX -588515964.6 1446111954
SISTEMA-GDR 144A SEMAL US -588515964.6 1446111954
VAGONMASH JSC VAGM RU -6605021.709 112362549.3
VIMPEL SHIP-BRD SOVP* RU -3777004.385 408412400.2
VIMPEL SHIP-BRD SOVP RU -3777004.385 408412400.2
VOLGOGRAD KHIM VHIM RU -78745199.18 151620945.8
VOLGOGRAD KHIM VHIM* RU -78745199.18 151620945.8
VOLGOGRAD-BRD VGSZ RU -3980861.356 103387624.5
VOLGOGRAD-BRD VGSZ* RU -3980861.356 103387624.5
VYBORG SHIPY VSYD RM -4280194.283 115424615.3
VYBORG SHIPYARD VSYDP RM -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ* RU -4280194.283 115424615.3
VYBORG SHIPY-BRD VSSZ RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYD RU -4280194.283 115424615.3
VYBORG SHIPY-CLS VSYDP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP RU -4280194.283 115424615.3
VYBORG SHIPY-PFD VSSZP* RU -4280194.283 115424615.3
ZERNOVAYA KOMPAN ONAST RU -37627545.39 556944371.9
ZIL AUTO PLANT ZILL$ RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP* RU -305861298.1 461943061.3
ZIL AUTO PLANT-P ZILLP RM -305861298.1 461943061.3
SLOVENIA
--------
ALPOS DD APOG SV -67352301.16 175199045.1
ALPOS DD APOG EU -67352301.16 175199045.1
ALPOS DD APOG EO -67352301.16 175199045.1
ALPOS DD APOG PZ -67352301.16 175199045.1
ZVON ENA HOLDING ZVHR PZ -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR SV -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EO -304042298.7 774906694.2
ZVON ENA HOLDING ZVHR EU -304042298.7 774906694.2
SPAIN
-----
ACCOR HOTELES ES 4469903Z SM -9411283.082 167434224.6
ACTUACIONES ACTI AGR SM -102380293.1 427580628.2
AGRUPACIO - RT AGR/D SM -102380293.1 427580628.2
AIRBUS MILITARY 4456697Z SM -45606160.88 2811515603
ALSTOM WIND SLU 1009322Z SM -57597211.2 524838434.6
AMCI HABITAT SA AMC3 EO -63136988.27 115854176.8
AMCI HABITAT SA AMC1 EU -63136988.27 115854176.8
AMCI HABITAT SA AMC SM -63136988.27 115854176.8
ATLANTIC COPPER 4512291Z SM -83118965.83 1261645242
AURIGACROWN CAR 3791672Z SM -9696329.512 319009666.2
BASF CONSTRUCTIO 4511259Z SM -190337553 234576320.4
BEGAR CONSTRUCCI 4413073Z SM -154094556.2 215035989.2
BIMBO SA 3632779Z SM -22418992.16 200845624.4
BOUYGUES INMOBIL 3636247Z SM -45767894.33 122822523.9
BRUESA CONSTRUCC 4283093Z SM -19748712.07 423973306.5
CAIXARENTING SA 4500211Z SM -7390432.998 1722091946
CELANESE CHEMICA 3643567Z SM -22600721.15 102177604
CELAYA EMPARANZA 3642467Z SM -19428468.87 176340504.9
CEREP INVESTMENT 3638887Z SM -52616228.8 275537774.5
COPERFIL GROUP 704457Z SM -3700858.975 403826723
DINOSOL SUPERMER 397409Z SM -46517749.44 1134013519
FACTORIA NAVAL D 3748456Z SM -19757690.28 218788440.5
FBEX PROMO INMOB 3745024Z SM -820001.0305 1142937522
FERGO AISA -RTS AISA/D SM -102380293.1 427580628.2
FERGO AISA SA AISA EU -102380293.1 427580628.2
FERGO AISA SA AISA EO -102380293.1 427580628.2
FERGO AISA SA AISA PZ -102380293.1 427580628.2
FERGO AISA SA AISA SM -102380293.1 427580628.2
FMC FORET SA 3642299Z SM -135792007.2 150683418.5
FORMICA SA 3748616Z SM -24873736.89 101430971.6
GALERIAS PRIMERO 3281527Z SM -2731015.072 124875853.4
GE POWER CONTROL 3744144Z SM -25412232.52 973735754.8
GE REAL ESTATE I 2814684Z SM -197396338.8 537048655
GENERAL MOTORS E 4286805Z SM -323089753.8 2783002632
GLENCORE ESPANA 3752336Z SM -17828297.05 238237965.8
HIDROCANTABRICO 4456745Z SM -245397523.6 513745817
HOLCIM HORMIGONE 4376153Z SM -34366354.11 133704111.2
HUNE PLATAFORMAS 4284309Z SM -34729576.87 417379212.5
LA SIRENA ALIMEN 4375737Z SM -80359344.11 223928579
MARTINSA FADESA 4PU GR -4266039390 4958578344
MARTINSA FADESA MTF SM -4266039390 4958578344
MARTINSA FADESA MTF EO -4266039390 4958578344
MARTINSA FADESA MTF EU -4266039390 4958578344
MARTINSA FADESA MFAD PZ -4266039390 4958578344
MARTINSA FADESA MTF1 LI -4266039390 4958578344
MARTINSA-FADESA MTF NR -4266039390 4958578344
NYESA VALORES CO NYE EO -208568793.8 658498551.2
NYESA VALORES CO BESS PZ -208568793.8 658498551.2
NYESA VALORES CO NYE EU -208568793.8 658498551.2
NYESA VALORES CO NYE SM -208568793.8 658498551.2
NYESA VALORES CO NYE TQ -208568793.8 658498551.2
NYESA VALORES CO BES EO -208568793.8 658498551.2
NYESA VALORES CO 7NY GR -208568793.8 658498551.2
NYESA VALORES CO BES SM -208568793.8 658498551.2
NYESA VALORES CO BES EU -208568793.8 658498551.2
NYESA VALORES CO BES TQ -208568793.8 658498551.2
PANRICO SAU 1087Z SM -372238069.5 1219319614
PULLMANTUR SA 301590Z SM -74071248.87 168349823.1
RANDSTAD EMPLEO 4285885Z SM -27469291.1 318454508.5
REAL ZARAGOZA SA 4285533Z SM -5769281.747 168572641.9
RENTA CORP REN1USD EO -40378516.38 216503337.5
RENTA CORP REN SM -40378516.38 216503337.5
RENTA CORP REN1 TQ -40378516.38 216503337.5
RENTA CORP REN1USD EU -40378516.38 216503337.5
RENTA CORP RENS PZ -40378516.38 216503337.5
RENTA CORP REN1 EU -40378516.38 216503337.5
RENTA CORP REN1 EO -40378516.38 216503337.5
RENTA CORP REN1GBX EU -40378516.38 216503337.5
RENTA CORP RTACF US -40378516.38 216503337.5
RENTA CORP REN1GBX EO -40378516.38 216503337.5
RENTA CORP REN1GBP EO -40378516.38 216503337.5
RENTA CORP REAL REN/D SM -40378516.38 216503337.5
RESIDENCIAL MARL 4498347Z SM -8851230.872 106007591.2
REYAL URBIS SA REY1 EU -1160391779 4576859229
REYAL URBIS SA REYU PZ -1160391779 4576859229
REYAL URBIS SA REY SM -1160391779 4576859229
REYAL URBIS SA REY1 IX -1160391779 4576859229
REYAL URBIS SA REY1 EO -1160391779 4576859229
REYAL URBIS SA REY EB -1160391779 4576859229
SA DE SUPERMERCA 4373489Z SM -24370843.85 162576231.9
SEDESA OBRAS Y S 4285693Z SM -33624032.31 180977629
SHELL ESPANA SA 4514247Z SM -62380994.38 292408739.1
SPANAIR 1174Z SM -224915085.6 350111493.1
SUZLON WIND ENER 3809140Z SM -2806837.606 127085865.7
TELEVISION AUTON 3772924Z SM -114641099.5 119139075.3
TROPICAL TURISTI 3639071Z SM -47219485.5 485271194.6
TYCO ELECTRONICS 2335265Z SM -120872225.3 241227566.2
UNITEC UNION TIE 3801344Z SM -23207409.48 131213302.5
URBANIZADORA SEV 4286693Z SM -10314851.8 487333641
VIA OPERADOR PET 4510507Z SM -19240934.52 114265353.9
XFERA MOVILE SA 1236Z SM -93151786.57 1220956633
SWEDEN
------
ATTENDO AB 4452873Z SS -58148252.61 1244996834
KAROLINEN FASTIG 4008644Z SS -906745.1282 122777361.3
NOBINA 1099Z SS -302162.7367 854969434.4
PANAXIA AB PAXA EO -13977223.06 102375741.8
PANAXIA AB PAXAEUR EO -13977223.06 102375741.8
PANAXIA AB PAXA PZ -13977223.06 102375741.8
PANAXIA AB PAXA EU -13977223.06 102375741.8
PANAXIA AB PAXA BY -13977223.06 102375741.8
PANAXIA AB PAXAEUR EU -13977223.06 102375741.8
PANAXIA AB PAXA SS -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT BY -13977223.06 102375741.8
PANAXIA AB-NEW PAXABT SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR SS -13977223.06 102375741.8
PANAXIA AB-RTS PAXATR BY -13977223.06 102375741.8
PANAXIA-NEW 8292193Q SS -13977223.06 102375741.8
PANAXIA-RTS 8292189Q SS -13977223.06 102375741.8
SWEDISH MA-RE RT SWMASR SS -267565377.7 2184130566
SWEDISH MAT-ADR 3053566Q US -267565377.7 2184130566
SWEDISH MAT-ADR SWMA GR -267565377.7 2184130566
SWEDISH MATCH SWD LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAF US -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EO -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA BY -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBX EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA NR -267565377.7 2184130566
SWEDISH MATCH AB SWMAUSD EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA IX -267565377.7 2184130566
SWEDISH MATCH AB SWM TH -267565377.7 2184130566
SWEDISH MATCH AB SWMA GK -267565377.7 2184130566
SWEDISH MATCH AB SWMDF US -267565377.7 2184130566
SWEDISH MATCH AB SWMA NQ -267565377.7 2184130566
SWEDISH MATCH AB SWMA SS -267565377.7 2184130566
SWEDISH MATCH AB SWMA TQ -267565377.7 2184130566
SWEDISH MATCH AB SWM GR -267565377.7 2184130566
SWEDISH MATCH AB SWMAEUR EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA EU -267565377.7 2184130566
SWEDISH MATCH AB SWMA EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA QM -267565377.7 2184130566
SWEDISH MATCH AB SWMA EB -267565377.7 2184130566
SWEDISH MATCH AB SWMA PZ -267565377.7 2184130566
SWEDISH MATCH AB SWM VX -267565377.7 2184130566
SWEDISH MATCH AB SWMA S1 -267565377.7 2184130566
SWEDISH MATCH AB SWMA LI -267565377.7 2184130566
SWEDISH MATCH AB SWMAGBP EO -267565377.7 2184130566
SWEDISH MATCH AB SWMA BQ -267565377.7 2184130566
SWEDISH MATCH- B SWMWF US -267565377.7 2184130566
SWEDISH MATCH-B 3033P US -267565377.7 2184130566
SWEDISH MAT-RTS SWMYR US -267565377.7 2184130566
SWEDISH M-UN ADR SWMAY US -267565377.7 2184130566
SWITZERLAND
-----------
ETRION CORP 4QP GR -1431000 449615008
ETRION CORP PFCXF US -1431000 449615008
ETRION CORP ETX2EUR EU -1431000 449615008
ETRION CORP ETX2USD EO -1431000 449615008
ETRION CORP ETX2USD EU -1431000 449615008
ETRION CORP ETRXF US -1431000 449615008
ETRION CORP ETX2EUR EO -1431000 449615008
ETRION CORP ETX SS -1431000 449615008
ETRION CORP ETX CN -1431000 449615008
ETRION CORP ETX2SEK EO -1431000 449615008
ETRION CORP ETXSEK BY -1431000 449615008
ETRION CORP ETX2SEK EU -1431000 449615008
PRETIUM INDUSTRI PIIMF US -1431000 449615008
VISUALAB INC VSLBF US -1431000 449615008
VISUALABS INC VLI CN -1431000 449615008
TURKEY
------
EGS EGE GIYIM VE EGDIS TI -7732135.103 147075077.7
EGS EGE GIYIM-RT EGDISR TI -7732135.103 147075077.7
GALATASARAY SPOR GSRAY TI -134837791.7 312345232.8
GALATASARAY SPOR GALA IX -134837791.7 312345232.8
GALATASARAY SPOR GSRAYR TI -134837791.7 312345232.8
GALATASARAY SPOR GSY GR -134837791.7 312345232.8
GALATASARAY SPOR GATSF US -134837791.7 312345232.8
GALATASARAY-NEW GSRAYY TI -134837791.7 312345232.8
IKTISAT FINAN-RT IKTFNR TI -46900666.64 108228233.6
IKTISAT FINANSAL IKTFN TI -46900666.64 108228233.6
KEREVITAS GIDA KVTGF US -17661319.95 159849621.7
KEREVITAS GIDA KERVT TI -17661319.95 159849621.7
MUDURNU TAVUKC-N MDRNUN TI -64935052.1 160420187.4
MUDURNU TAVUKCUL MDRNU TI -64935052.1 160420187.4
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UKRAINE
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TOPPS TILES PLC TPT3 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT IX -36503224.29 140534295.2
TOPPS TILES PLC TPT EO -36503224.29 140534295.2
TOPPS TILES PLC TPT6 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT LN -36503224.29 140534295.2
TOPPS TILES PLC TPT PZ -36503224.29 140534295.2
TOPPS TILES PLC TPT9 EO -36503224.29 140534295.2
TOPPS TILES PLC TPT S1 -36503224.29 140534295.2
TOPPS TILES PLC TPT TQ -36503224.29 140534295.2
TOPPS TILES PLC TPT4 EO -36503224.29 140534295.2
TOPPS TILES PLC TPTJF US -36503224.29 140534295.2
TOPPS TILES-NEW TPTN LN -36503224.29 140534295.2
TOTAL UK LTD 3897130Z LN -61225906.13 2907445594
TRAVELEX HOLDING 2917958Z LN -1345481723 2560468919
TRAVELODGE LTD 3471462Z LN -515411329.9 1254613472
TRINITY MIRROR P 1511258Z LN -138612680.8 1045091625
TUBE LINES FINAN 1241207Z LN -2914999.962 2408518672
TUI UK LTD 1653824Z LN -913811298.8 5088088830
TYCO HEALTHCARE 1066794Z LN -13601743.4 333686519
UNILEVER UK CENT 1273034Z LN -1509554086 6927634057
UNIQ PREPARED FO 1077122Z LN -96788934.94 206496365.3
UNITED BISCUITS 3193858Z LN -273729428.4 3257147468
UNIVERSAL LEASIN 2581586Z LN -28690420.23 155128729.2
UNIVERSAL PICTUR 1083202Z LN -42445816.82 120867289.2
UTC GROUP UGR LN -11904428.42 203548565
VINK HOLDINGS LT 4380233Z LN -13477348.26 132005020.2
VIRGIN HOTELS GR 4288389Z LN -30191249.31 109995632.6
VIRGIN MOB-ASSD VMOC LN -392165409.3 166070003.7
VIRGIN MOB-ASSD VMOA LN -392165409.3 166070003.7
VIRGIN MOBILE VMOB LN -392165409.3 166070003.7
VIRGIN MOBILE VGMHF US -392165409.3 166070003.7
VIRGIN MOBILE VMOB PO -392165409.3 166070003.7
VIRGIN MOBILE VMOB VX -392165409.3 166070003.7
VIRGIN MOBILE UEM GR -392165409.3 166070003.7
VIRGIN WINGS LTD 4500155Z LN -410616776.7 5155268566
VOLUTION GROUP L 4453393Z LN -44375617.45 212542790.8
VOYAGE GROUP LTD 4168725Z LN -89543682.76 572205624
WARNER ESTATE WRL GR -80276070.4 344291592.8
WARNER ESTATE WNER PZ -80276070.4 344291592.8
WARNER ESTATE WNEHF US -80276070.4 344291592.8
WARNER ESTATE WNER VX -80276070.4 344291592.8
WARNER ESTATE WNER EO -80276070.4 344291592.8
WARNER ESTATE WNER LN -80276070.4 344291592.8
WARNER ESTATE WNERGBP EO -80276070.4 344291592.8
WARNER ESTATE WNER PO -80276070.4 344291592.8
WARNER ESTATE WNER IX -80276070.4 344291592.8
WARNER ESTATE WNER EU -80276070.4 344291592.8
WATSON & PHILIP WTSN LN -120493900 252232072.9
WEAVER VALE HOUS 3953220Z LN -60271595.72 104022836.2
WESCOT TOPCO LTD 4007020Z LN -28467510.91 115035189
WEST HAM UNITED 1275834Z LN -60233495.23 174701255.1
WHELCO HOLDINGS 2741744Z LN -1295249.714 100781831
WHITE HART LANE 2004631Z LN -2707112.668 144247464.4
WIGHTLINK LTD 1385642Z LN -15131435.92 231775265.6
WILLIAM HILL-W/I 605547Q US -59180694.37 1343662688
WILLIAM HILL-W/I 101001Q LN -59180694.37 1343662688
WINCANTON PL-ADR WNCNY US -429205125.4 907823159.4
WINCANTON PLC WIN1 S1 -429205125.4 907823159.4
WINCANTON PLC WIN IX -429205125.4 907823159.4
WINCANTON PLC WIN12 EO -429205125.4 907823159.4
WINCANTON PLC WIN LN -429205125.4 907823159.4
WINCANTON PLC WIN10 EO -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EO -429205125.4 907823159.4
WINCANTON PLC WIN1 TQ -429205125.4 907823159.4
WINCANTON PLC WIN1EUR EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EU -429205125.4 907823159.4
WINCANTON PLC WIN1 EO -429205125.4 907823159.4
WINCANTON PLC WIN1USD EU -429205125.4 907823159.4
WINCANTON PLC WIN PO -429205125.4 907823159.4
WINCANTON PLC WIN9 EO -429205125.4 907823159.4
WINCANTON PLC WIN6 EO -429205125.4 907823159.4
WINCANTON PLC WIN13 EO -429205125.4 907823159.4
WINCANTON PLC WIN1GBP EO -429205125.4 907823159.4
WINCANTON PLC WIN1 QM -429205125.4 907823159.4
WINCANTON PLC WIN4 EO -429205125.4 907823159.4
WINCANTON PLC WIN5 EO -429205125.4 907823159.4
WINCANTON PLC WIN11 EO -429205125.4 907823159.4
WINCANTON PLC WIN7 EO -429205125.4 907823159.4
WINCANTON PLC WNCNF US -429205125.4 907823159.4
WINCANTON PLC WIN1 BQ -429205125.4 907823159.4
WINCANTON PLC WIN1 EB -429205125.4 907823159.4
WINCANTON PLC WIN VX -429205125.4 907823159.4
WINCANTON PLC WIN1 NQ -429205125.4 907823159.4
WINCANTON PLC WIN PZ -429205125.4 907823159.4
WINCANTON PLC WIN1USD EO -429205125.4 907823159.4
WINCANTON PLC WIN8 EO -429205125.4 907823159.4
WINDSOR TELEVISI 1475394Z LN -249144874.4 319668047.9
WINTERTHUR FINAN 1353474Z LN -5097471.01 146472274
XCHANGING UK LTD 1814130Z LN -33399235.51 334395990.3
XSTRATA SERVICES 1975918Z LN -96321998.22 192299104.1
YANG MING UK LTD 1756777Z LN -38774828.18 293310550.5
YARLINGTON HOUSI 4435313Z LN -18443811.91 276648958.8
YOUNG'S BLUECRES 1841386Z LN -45872663.66 308087238.8
ZURICH EMPLOYMEN 1292298Z LN -122911831.6 159138559.6
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets. At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short. Don't be fooled. Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets. A company may establish reserves on its
balance sheet for liabilities that may never materialize. The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., 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 2013. 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$775 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 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *